Tonight’s Highlights | US Stock Futures Mixed, Oracle Rises Over 4% Pre-Market
On Tuesday, US stock futures for the three major indices showed mixed performance in pre-market trading.
As of press time, Dow Jones futures fell 0.07%, S&P 500 futures rose 0.12%, and Nasdaq 100 futures gained 0.19%.
On the individual stock front, Tesla rose about 1.5% pre-market. Earlier today, Musk announced a meeting next week to discuss AI/autonomous driving systems, Optimus robots, and vehicle production. Oracle surged over 4%.
The previous trading day saw all three major US indices rise, with the S&P 500 and Nasdaq Composite hitting all-time highs, driven by gains in several large tech stocks, pushing Google’s market cap past $3 trillion.
Michael Kantrowitz, Chief Investment Strategist at Piper Sandler, said, “So far, everything has gone smoothly overall, with many concerns fading… and for the first time in three years, we’re seeing broad improvements in earnings expectations.”
Even Michael Hartnett, a long-term bearish strategist at Bank of America, acknowledged that with trade risks subsiding, a “bull market prevails” currently. He added that stock exposure hasn’t yet reached extreme levels, suggesting the current rally could continue.
Today, the Federal Reserve began its two-day policy meeting, with the decision to be announced during Wednesday’s session (early Thursday morning Beijing time). The CME FedWatch tool shows a 96% probability of a 25-basis-point cut, with the remaining 4% favoring a 50-basis-point cut.
European markets trading currently are broadly lower, with the German DAX down 0.63%, the UK FTSE 100 down 0.36%, and the French CAC 40 down 0.13%.
Corporate News
Apple CEO Cook: $2.5 Billion Investment to Expand Corning Glass Factory
Apple CEO Tim Cook said in an interview that the company recently decided to invest $2.5 billion to expand its partnership with Corning and its glass factory in Kentucky. Apple had previously stated that the Corning facility would supply glass materials for all iPhones and Apple Watches.
US Auto Regulator Launches Investigation into Tesla Model Y Door Defects
The National Highway Traffic Safety Administration (NHTSA) announced it has initiated a preliminary investigation into approximately 174,300 Tesla Model Y vehicles in the US market due to issues with electronic door handle failures.
Musk Again Responds to Macrohard Project’s Existence
Responding to a user query about whether the Macrohard project is underway, Musk replied, “We are indeed painting MACROHARD in huge letters on the roof of the Colossus II supercomputer cluster in Memphis, big enough to be seen from space.”
Musk had earlier indicated he was building a pure AI software company called Macrohard, explaining, “Given that software companies like Microsoft don’t produce physical hardware, fully simulating them with AI should be feasible.”
Western Digital Raises Hard Drive Prices Due to Soaring Demand
According to TrendForce, Western Digital recently notified clients it will gradually increase prices for all HDD (hard disk drive) products. The company claims demand for every capacity in its storage portfolio has reached unprecedented levels and is investing in advanced innovation technologies.
STMicroelectronics Abandons Layoff Plans at Agrate Factory in Italy
Italy’s Ministry of Enterprises and Made in Italy released a statement on September 15, announcing that STMicroelectronics has abandoned its layoff plans at its Agrate factory. The ministry welcomed the decision and the proposed industrial restart plan for the facility.
During talks, both sides discussed a €5 billion investment, with €2 billion to be funded by the Italian government for the Catania factory, aiming to position it as a European microelectronics strategic hub.
Cybersecurity Firm Netskope Targets $908 Million in US IPO
According to SEC filing documents, cybersecurity company Netskope has set an initial public offering (IPO) price range of $17 to $19 per share, with its latest IPO plan raising the target to $908.2 million.