Tonight’s Highlights | US Stock Futures Edge Higher Pre-Market, Nvidia Falls Amid Investigation
On Monday, US stock futures for the three major indices saw slight gains in pre-market trading.
As of press time, Dow Jones futures rose 0.16%, S&P 500 futures gained 0.2%, and Nasdaq 100 futures increased by 0.14%.
On the individual stock front, Tesla’s pre-market price rose nearly 8%, with the company disclosing in a “FORM 4” filing that Elon Musk purchased over 2.5 million shares of Tesla stock last Friday (September 12), spending approximately $1 billion.
Nvidia fell about 1.6% in pre-market trading after China’s State Administration for Market Regulation announced that, following a preliminary investigation, Nvidia has violated anti-monopoly laws, prompting the agency to launch a further investigation.
Tech stocks like Apple, Amazon, Google, and AMD rose over 1%. Regarding Apple, Caixin reported that JPMorgan remains optimistic, forecasting that the new iPhone 17 series could see stronger demand than last year’s iPhone 16 series.
Last week, the Nasdaq Composite hit closing highs for five consecutive trading days; the S&P 500 recorded its best weekly performance since early August; and the Dow Jones Industrial Average notched its first weekly gain in three weeks.
Recent data indicating a softening US labor market has fueled expectations of a Federal Reserve rate cut this Wednesday. The CME FedWatch tool shows a 96% probability of a 25-basis-point cut, with less than 4% chance of a 50-basis-point reduction.
David Kruk, Head of Trading at La Financiere de l'Echiquier, commented, “We’re entering a rate-cut cycle alongside robust earnings-per-share growth—this is truly a wonderful cocktail.” “Bad news simply can’t last.”
European markets trading currently are broadly higher, with the German DAX up 0.64%, the UK FTSE 100 up 0.04%, and the French CAC 40 up 1.31%.
Corporate News
Nvidia Violates Anti-Monopoly Laws, Market Regulation Authority Launches Further Investigation
Following a preliminary investigation, Nvidia has been found to violate the Anti-Monopoly Law of the People’s Republic of China and the State Administration for Market Regulation’s Announcement on Conditional Approval of Nvidia’s Acquisition of Mellanox Technologies Equity in an Anti-Monopoly Review.
Google Gemini Surpasses ChatGPT in Downloads, Tops US Apple App Store Free Chart
Fueled by the viral success of Google’s Nano Banana image generation model, Gemini has overtaken ChatGPT in downloads on the US App Store, claiming the top spot on the free app rankings.
Filing Shows Tesla CEO Musk Buys Over 2.5 Million Shares for Approximately $1 Billion
Regulatory filings reveal that Tesla CEO Elon Musk purchased 2.57 million shares of the company’s common stock on September 12 on the open market, at prices ranging from $372.370 to $396.540 per share, totaling about $1 billion.
Whirlpool Alleges Samsung, LG, and Others Underreport Import Values to Evade Tariffs
US appliance maker Whirlpool claims its overseas competitors may be evading US tariffs by understating the declared value of imported goods. Whirlpool says it has cross-referenced data with its knowledge of competitors’ production facilities to identify potential underreporting, naming companies like Samsung, LG, and GE Appliances.
Samsung declined to comment on the allegations. LG stated it is committed to complying with all US laws. GE Appliances called the claims inaccurate.
BitMine Adds 82,233 Ethereum, Crypto and Cash Holdings Reach $10.8 Billion
As of 6:00 PM Eastern Time on September 14, BitMine’s crypto holdings include 2,151,676 Ethereum (up 82,233 from last week’s report), 192 Bitcoin, $214 million in Eightco (Nasdaq: ORBS) shares, and $569 million in unrestricted cash.