Tonight’s Highlights | U.S. September PPI +2.7% YoY – U.S. Index Futures Mixed

In Tuesday’s pre-market session, the three major U.S. index futures are mixed, with Dow futures and S&P 500 futures hovering around unchanged and Nasdaq 100 futures slightly lower. Major European indices are all higher.

 

Pre-market data showed U.S. September PPI +2.7% YoY, exp +2.7%, prev +2.6%; September PPI +0.3% MoM, exp +0.3%, prev -0.1%; September core PPI +2.6% YoY, exp +2.7%, prev +2.8%; September core PPI +0.1% MoM, exp +0.2%, prev -0.1%.

 

U.S. September retail sales +0.2% MoM, exp +0.4%, prev +0.60%.

 

The above data was originally scheduled for release in October but was delayed until today due to the U.S. government shutdown.

 

PPI will be one of the last major inflation readings the Fed sees before its interest-rate decision next month. With rate-cut expectations markedly improving, U.S. stocks have surged over the past two trading days.

 

“This sell-off (shakeout) actually started at the end of October when market liquidity tightened,” said Abby Yoder, U.S. equity strategist at JPMorgan Private Bank, when discussing the recent pullback on Monday.

 

She added: “But in this technically driven correction concentrated in AI and tech stocks, the fundamental story and capital commitment to the AI sector remain extremely solid. I think the overall environment will be favorable as we head into year-end, though investors will become more cautious.”

 

Google is up 4% pre-market, while Nvidia is down over 3%. Reports earlier said Meta is internally discussing spending tens of billions of dollars to integrate Google’s TPUs into its data centers starting in 2027 and plans to rent TPU compute power from Google Cloud as early as next year.

Company News  

Alibaba: Q2 FY2026 revenue RMB 247.80 billion, +4.8% YoY  

 

Alibaba Group released Q2 FY2026 results: revenue RMB 247.80 billion, +4.8% YoY, exp RMB 245.2 billion; adjusted earnings per ADS RMB 4.36, exp RMB 6.34; China commerce group revenue RMB 132.58 billion; adjusted net profit RMB 10.35 billion, exp RMB 16.8 billion.  

 

Alibaba U.S.-listed shares up over 2% pre-market.

 

Amazon-backed X-energy completes nearly $700 million funding round led by Citadel  

 

On November 24, Amazon-backed nuclear reactor developer X-energy announced the closing of an oversubscribed ~$700 million Series D round.  

 

The round was led by Citadel, with new investors including Ark Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, and XTX Ventures.

 

Singapore orders Google and Apple to take measures to prevent fraud on messaging platforms  

 

Singapore’s Ministry of Home Affairs announced on November 25 that it has issued implementation directions to Apple and Google under the Online Criminal Harms Act, requiring both companies to take measures by November 30, 2025, to prevent impersonation of Singapore government agencies via iMessage and Google Messages.