Tonight’s Highlights | Plant-Based Meat Stock Soars Over 10x This Week, Gold Extends Pullback for Second Day
Amid the ongoing U.S. government shutdown, uncertain geopolitical risks, and disappointing earnings from major companies, U.S. stock futures remained weakly volatile pre-market on Wednesday.
As of this report, Nasdaq 100 futures (2512 contract) fell 0.13%, S&P 500 futures rose 0.08%, and Dow futures dipped 0.01%.
Spot gold, closely watched by investors, continued its pullback on Wednesday, briefly nearing the $4,000 per ounce mark, with spot silver also declining in tandem.
(Spot Gold Minute Chart, Source: TradingView)
Anthi Tsouvali, multi-asset strategist at UBS Global Wealth Management, said: “We remain optimistic on gold, but its rapid rise has led to a correction. The key is how far this pullback will go and whether negative sentiment will persist.”
As the latest example of frenzied speculation in U.S. markets, plant-based meat stock Beyond Meat surged nearly 100% pre-market, pushing its weekly gain to 11x. Signs point to short covering as the driver, with ~64% of Beyond Meat’s tradable shares shorted as of late September. Even at Wednesday’s pre-market peak, the stock remains ~97% below its 2019 speculative high.
(Beyond Meat Daily and Weekly Charts, Source: TradingView)
On the news front, Roundhill Investments added Beyond Meat to its Meme Stock ETF on Monday, and the company announced expanded distribution in Walmart channels on Tuesday.
With the U.S. government shutdown stalling official economic data, the current earnings season is drawing heightened attention. Pre-market Wednesday, Netflix and Texas Instruments both fell due to disappointing earnings.
More crucially, after the close, Tesla—encompassing hot themes like AI, robotics, and Robotaxi—will report earnings, alongside AI server and quantum computing standout IBM, which will also share its outlook.
Other Market News
U.S. Earnings Season Updates
Netflix, the streaming giant, fell over 7% pre-market. Despite hits like Kpop Demon Hunter, Wall Street’s high hopes were unmet due to a lackluster Q4 revenue outlook. A ~$600 million unexpected expense from a Brazilian tax dispute also dragged Q3 profits below expectations.
Texas Instruments, the world’s largest analog chipmaker, issued pessimistic guidance, falling nearly 8% pre-market.
Samsung and Google Team Up to Launch Multimodal AI Headset, Priced at Half of Apple’s Rival
Samsung Electronics unveiled the Galaxy XR, a mixed-reality device aimed at “unleashing the full potential of multimodal AI.” Running on the Android XR platform, its key feature is real-time multimodal conversations with Google’s Gemini AI. Priced at $1,799—half the cost of Apple’s Vision Pro—Galaxy XR comes with perks like an AI subscription and NBA live streaming for 2025 pre-orders.
Market Rumor: Apple Slashes iPhone Air Production Plans
Wednesday evening reports suggest Apple is drastically cutting iPhone Air production orders to near “discontinuation” levels while boosting orders for other iPhone 17 models.
Due to stronger-than-expected demand for iPhone 17 and iPhone 17 Pro, Apple maintains its overall production forecast of 85-90 million units for the series.
Microsoft CEO’s Pay Jumps to Nearly $700 Million
In a filing submitted after Tuesday’s close, Microsoft reported that CEO Satya Nadella’s 2025 fiscal year compensation rose 22% from $79.1 million to $96.5 million (~6.87 billion RMB), marking his highest pay since becoming CEO in 2014.
Anthropic in Talks with Google for Multi-Billion-Dollar Deal
Industry sources revealed Tuesday that startup Anthropic is negotiating a cloud computing deal with Google, potentially worth billions. Boosted by the news, Google’s Class C shares rose over 2% pre-market Wednesday, recovering from losses tied to OpenAI’s AI browser launch.