US stock futures traded flat on Wednesday after a record-setting session for the Dow as investors looked to the next wave of earnings highlighted by Tesla (TSLA).
Futures on the Dow Jones Industrial Average futures (YM=F) and the S&P 500 (ES=F) were little changed, while contracts on the tech-heavy Nasdaq 100 (NQ=F) slipped 0.1%.
Netflix (NFLX) stock dropped more than 6% in premarket trading after the streaming giant’s earnings missed expectations for profit and revenue. Shares in Mattel (MAT) fell about 7% as the toymaker’s North American sales fell short.
On Tuesday, upbeat quarterly results from General Motors (GM), Coca-Cola (KO), and other blue chips helped propel the Dow to a new intraday record above 47,000 before closing at an all-time high. Meanwhile, gold (GC=F) and silver (SI=F) slammed the brakes on record-breaking rallies, and President Trump injected a fresh sense of uncertainty around trade talks with China.
Investors are now looking ahead to Tesla’s (TSLA) results due after the bell, kicking off a round of crucial “Magnificent Seven” reports. Eyes are on updates on the sales impact of the expiration of the federal EV tax credit as well as ion ts robotaxi rollout.
Official economic data remains sparse as the federal shutdown continues. Friday’s September Consumer Price Index report will be the next major data point for markets. The inflation print will help guide expectations ahead of the Federal Reserve’s meeting next week, where traders widely anticipate a 25-basis-point rate cut.
LIVE 7 updates
-
Anthropic, Google in talks for multimillion-dollar cloud deal
Alphabet’s (GOOG, GOOGL) stock stepped higher in premarket after Bloomberg reported that the Google parent is in talks with Anthropic (ANTH.PVT) to provide the AI startup with cloud services.
Meanwhile, shares in Amazon (AMZN), also an Anthropic investor and cloud provider, slipped 1%.
Bloomberg reports:
Read more here.
-
Google in focus on possible Anthropic cloud deal
Bloomberg reporting late yesterday Google (GOOG) is in talks with Anthropic (ANTH.PVT) on a cloud deal possibly worth “tens of billions” of dollars.
Good call out on this from Keybanc analyst Justin Patterson this morning:
“This is yet another sign that demand for AI remains strong and that leading frontier model providers are rapidly adding capacity (note: Anthropic’s investment would follow OpenAI’s recent series of announcements). For Google Cloud, we believe an expanded Anthropic partnership would be viewed as another sign that Google Cloud is gaining market share and that TPUs are strategically important.”
-
What not to like from Texas Instruments’ earnings call
Commentary like this last night from Texas Instruments (TXN) CEO Haviv Ilan on his earnings call warrants watching out for in other semi earnings releases:
“The overall semiconductor market recovery is continuing, though, at a slower pace than prior upturns, likely related to the broader macroeconomic dynamics and overall uncertainty.”
Since we are still devoid of government economic data, clues on the economic outlook like this from public companies are more important than the norm. Along these lines, General Motors (GM) CFO Paul Jacobsen did slip into my chat with him the company is seeing a pickup in loan delinquencies.
-
TI shares slide as bleak outlook signals delayed industry recovery
Texas Instruments (TXN) stock fell 8% in premarket trading on Wednesday after the chipmaker forecast downbeat fourth-quarter profit and revenue, leading investors to grow concerned over the company’s outlook and recovery.
Reuters reports:
Read more here.
-
Intuitive Surgical stock jumps after earnings beat
Intuitive Surgical (ISRG) stock jumped 15% before the bell on Wednesday after beating Wall Street earnings for its third-quarter earnings.
Reuters reports:
Read more here.
-
Netflix stock sinks after profit and revenue miss
Shares in Netflix (NFLX) fell over 7% before the bell after its third quarter results missed the mark, even as the streaming giant nudged up its guidance for the current quarter.
The streaming giant said late Tuesday it booked an unexpected $619 million expense in a tax dispute with Brazil, which weighed on profit. Meanwhile, revenue came in just shy of expectations.
Yahoo Finance’s Allie Canal reports:
Read more here.
-
Gold and silver see steep drop after blistering rally
Gold (GC=F) and silver (SI=F) stabilized after sharp falls overnight as investors took profits from precious metal investments.
Bloomberg reports:
Read more here.
Source link
