US index futures are mixed in Friday’s pre-market trading, a day
after the interest rate hike in Europe and following oil hitting a
10-month high, surpassing the $94 mark, along with improved data
from China indicating recent stimulus measures have taken effect.
Investors are also monitoring a workers’ union strike at 3
automakers and Arm shares, which continue to surge a day after an
exciting debut.
At 7:25 AM, Dow Jones futures (DOWI:DJI) rose 76 points, or
0.22%. S&P 500 futures were up 0.08% and Nasdaq-100
futures were down 0.10%. The yield on the 10-year Treasury
note was at 4.324%.
On Thursday’s United States economic agenda, investors await, at
8:30 AM, the prices of exported goods, which have a consensus of an
increase of 0.40% in August; The Empire State manufacturing
index for September will be released at the same time. At 9:15
AM, it will be the turn of industrial production for August, which
is expected to rise modestly by 0.10% on a monthly basis,
confirming the difficulty of production in the country. At 10
AM, the Michigan consumer confidence index will be released, which
is projected at 69.10 points for September. Later at 1 PM,
Baker Hughes releases the oil rig count for the week ending
September 15th.
Stock markets in Europe and Asia rose, driven by positive
economic indicators from China, signaling that stimulus initiatives
may be having an effect. Investors are also anticipating this
Friday’s triple options event, which could result in trading
flare-ups and instability. Everyone is paying attention to the
next Fed meeting, hoping that the US will continue with economic
stability and maintain interest rates.
On the other hand, the suspicion that the European Central Bank
has stopped raising rates has affected the euro, which is heading
for its ninth consecutive week of decline, an unprecedented
sequence since its creation, more than 20 years ago. Christine
Lagarde, President of the ECB, recently emphasized that the bank
does not plan to reduce interest rates. She highlighted, after
a Eurogroup meeting, the relevance of the current level of rates
and their duration, but did not go into details.
In other regions, Asian markets grew, benefiting from
higher-than-expected industrial production and retail sales figures
in China. These indicators revealed that, in August, the
Chinese economy got a boost, thanks to the increase in travel
during the summer and more robust stimulus policies, which
increased both consumption and industrial production.
In the commodities market, iron ore with a concentration of 62%
rose 2.33%, quoted at US$120.77. West Texas Intermediate crude
oil for October rose 0.50% to $90.61 per barrel. Brent oil for
November rose 0.41% to US$94.09 per barrel.
At Thursday’s close, Dow Jones jumped 331.58 points or 0.96% to
34,907.11 points. S&P 500 advanced 37.66 points or 0.84% to
4,505.10 points. Nasdaq rose 112.47 points or 0.81% to 13,926.05
points. In August, retail sales grew 0.6%, exceeding analysts’
estimates of a 0.1% increase. The Producer Price Index (PPI)
increased by 0.7%, above the expected 0.4%. However, this
increase was mainly driven by energy costs, reflecting the
appreciation of oil and other energy sources. Thus, the
favorable results reinforce the prospect of a smooth landing for
the economy.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple will release
an update to the iPhone 12 in France due to regulatory concerns
about radiation limits. The measure aims to comply with
European standards, after suspending sales. Belgium is also
investigating health risks from the iPhone 12.
Alphabet (NASDAQ:GOOGL) – Google has
released an early version of Gemini, its conversational artificial
intelligence software, aiming to compete with OpenAI’s
GPT-4. Gemini ranges from chatbots to text and image
generation, and will be powered by Google Cloud Vertex AI.
Arm Holdings (NASDAQ:ARM) – Shares of
SoftBank’s Arm Holdings are up 9.6% in Friday’s premarket after
jumping nearly 25% yesterday in its Nasdaq debut, renewing optimism
in IPOs. The stock closed at $63.59, valuing the company at
$65 billion. Experts see this as a positive sign for future
market launches.
Taiwan Semiconductor Manufacturing (NYSE:TSM) –
TSMC has asked major suppliers to delay deliveries of cutting-edge
equipment due to demand concerns. Suppliers, including
Netherlands-based ASML (NASDAQ:ASML), saw their
stocks drop after the announcement. TSMC is also facing delays in
its Arizona factory. Suppliers believe the postponement is
temporary.
Salesforce (NYSE:CRM) – After cutting 10%
of its jobs in January, Salesforce plans to hire 3,300 employees,
divided between sales, engineering and its data cloud platform, as
reported by Bloomberg. The decision aims to sustain the
company’s growth and margins.
Adobe (NASDAQ:ADBE) – Adobe shares are
down 2.4% in pre-market trading on Friday, despite beating
expectations with the launch of artificial intelligence tools and
rising subscription prices. While DA Davidson analyst sees
little room for growth, RBC Capital Markets and Evercore ISI are
bullish.
Amazon (NASDAQ:AMZN) – Amazon opened its
largest delivery center in Latin America in Mexico City,
strengthening its presence since 2015 and investing US$3 billion to
compete with Mercado Libre
(NASDAQ:MELI) and Walmart (NYSE:WMT). The
structure houses “last mile” deliveries and employs thousands.
Microsoft (NASDAQ:MSFT), Oracle (NYSE:ORCL)
– Microsoft and Oracle have expanded their cloud partnership,
facilitating the integration of Microsoft’s Azure AI with the
Oracle database. The service, called Oracle Database@Azure,
will be available in 2024 in some regions. This move
represents a strategic shift in the cloud market, as companies
previously tried to confine users to a single platform. The
cooperation aims to optimize database and network performance for
customers using both solutions.
Tesla (NASDAQ:TSLA) – Tesla is innovating
in vehicle production, adopting a technique called “gigacasting”,
which could significantly reduce production costs. By
employing massive presses, the company can mold larger Model Y
structures, challenging the industry’s traditional
approach. To improve this advancement, Tesla intends to create
almost the entire base of the vehicle as a single piece, instead of
the conventional 400 pieces. Additionally, the company is
exploring 3D printing and sand molding techniques to improve design
and efficiency.
Ford Motor (NYSE:F) – Workers at the Ford
plant in Wayne, Michigan, supported by the UAW union, began a
historic strike, along with simultaneous strikes at other
automakers. The strike followed contractual disagreements,
including demands for pay increases and better benefits. Ford
CEO Jim Farley warned that the UAW union’s proposal could bankrupt
the company. If adopted since 2019, the changes would have
turned profits of US$30 billion into losses of US$15
billion. Shares
of Carvana (NYSE:CVNA) and
CarMax (NYSE:KMX) rose 13% and 4% on Thursday,
preceding an auto worker walkout.
Chevron (NYSE:CVX) – Despite intensified
strikes and an issue at the Wheatstone plant, Chevron’s Australian
plants have maintained LNG exports. Workers intensified
previously limited protests, but supplies to Japan and China
continued. Chevron seeks to minimize disruptions.
Uber Technologies (NYSE:UBER) – Uber has
entered into a partnership with Deliverect, a Belgian restaurant
software company. Uber and Deliverect will integrate systems
and Deliverect will prioritize deliveries via Uber Direct. The
partnership benefits restaurants that want to highlight their brand
and carry out external deliveries, and will be available in nine
countries. In other news, Uber rejected a Brazilian court
ruling that fined it $205 million for irregular employment
relationships. The court also asked for recognition of the
employment relationship with drivers. Uber will appeal, citing
“legal uncertainty”.
DoorDash (NYSE:DASH) – Doordash announced
the transfer of its listing from the NYSE to Nasdaq, beginning
September 27th under the ticker symbol “DASH.” The move is
seen as a setback for the NYSE as it seeks more listings of
technology companies.
Visa (NYSE:V) – Visa shares were the
worst-performing in the Dow Jones on Thursday after announcing
discussions with shareholders about allowing banks to exchange
Class B shares for Class B-2 and C shares. The latter could be
converted into Class A shares and sold. Analysts have mixed views
on the proposal.
Citigroup (NYSE:C) – In its
reorganization, Citigroup may lay off compliance and risk
management support staff and technology staff with duplicate
roles. CEO Jane Fraser aims to reduce bureaucracy and focus on
profitability. In other news, Citigroup in India will allow
female employees to work remotely for up to a year after their
26-week maternity leave as it seeks to expand benefits and retain
female talent. This policy can result in up to 21 months
without going to the office.
Deutsche Bank (NYSE:DB) – Deutsche Bank
has teamed up with Swiss crypto firm Taurus to custodian
cryptocurrencies and tokenized client assets. Although
cryptocurrency trading is not immediately planned, the bank
recognizes the potential of the digital asset market, acting with
regulatory caution.
UBS (NYSE:UBS) – UBS CEO Sergio Ermotti
has committed to leading the company until 2026 to complete the
integration of Credit Suisse, avoiding its collapse. He sees
the US and Asia as key growth areas as UBS plans to reduce
costs.
Goldman Sachs (NYSE:GS) – Goldman Sachs
fired executives from its transaction banking unit for violating
communications policies, according to a memo. Philip Berlinski
takes over day-to-day management. Hari Moorthy, one of those
fired, is no longer registered with FINRA. The company
emphasizes the importance of communication
policy. Additionally, Goldman Sachs is withdrawing from the
business of advising massively wealthy investors, choosing to focus
on the advisor custody business. Recognizing limitations, the
company will sell its PFM to Creative Planning. CEO David
Solomon highlights a return to a focus on ultra-high net worth,
aligning with the company’s roots. This strategy connects to
the custody business the company has been building, aiming to serve
and not compete with RIAs.
Charles Schwab (NYSE:SCHW) – Charles
Schwab will update data on its clients’ assets and new net inflows
on Friday. After the acquisition of TD Ameritrade in 2020,
there was a decrease in net new assets, attributed to the departure
of TD clients.
Barclays (NYSE:BCS) – Barclays is
exploring the opportunity to enter the ESG debt market segment
previously dominated by Credit Suisse. Furthermore, economists
at Barclays Plc expect a more gradual rise in Turkey’s interest
rates despite President Erdogan’s support for conventional monetary
policies. They predict an increase of 250 basis points,
pointing to “gradual” adjustments.
Virtu Financial (NASDAQ:VIRT) – Following
accusations from the Securities and Exchange Commission over data
protection, Virtu Financial shares fell on Thursday. However,
CEO Douglas A. Cifu and co-president Joe Molluso purchased shares
in the company. Virtu disagrees with the accusations and will
defend itself.
Disney (NYSE:DIS) – Byron Allen offered
$10 billion to buy ABC and Disney assets including FX and National
Geographic. As Disney mulls selling traditional TV assets due
to the growth of streaming, it has also had discussions
with Nexstar Media (NASDAQ:NXST).
Northrop Grumman
Corp (NYSE:NOC), Lockheed
Martin (NYSE:LMT) – China sanctioned Northrop Grumman
and Lockheed Martin for supplying weapons to Taiwan. Beijing
warned the US to stop military support for Taiwan, threatening
“resolute retaliation”, as stated by spokesman Mao Ning.
MGM Resorts
International (NYSE:MGM), Caesars
Entertainment (NASDAQ:CZR) – Scattered Spider hackers
claimed to have removed six terabytes of data from the MGM Resorts
and Caesars Entertainment casino systems. MGM and Caesars have
not confirmed the amount of data compromised. The group,
linked to several invasions, does not intend to disclose the
data.
Lennar Corp (NYSE:LEN) – Construction
company Lennar Corp released quarterly results that exceeded
expectations, despite the drop in the annual
comparison. Lennar reported third-quarter net income of $1.11
billion, or $3.87 per share, compared with $1.47 billion, or $5.03
per share, in the same quarter last year. Revenue of $8.73
billion was down from $8.93 billion. The market remains
favorable for construction companies, the CEO said, citing pent-up
demand and supply shortages. The company used incentives to
offset economic challenges.
Nucor (NYSE:NUE) – Steel company Nucor
projected a profit for the third quarter that was below
expectations. Nucor expects earnings from its steel division
in the third quarter to be lower than in the second quarter due to
reduced prices and, to a lesser extent, lower volumes.
Abbott (NYSE:ABT) – Goa, India, threatens
to suspend the license of the local Abbott unit following hygiene
and contamination issues at its factory. The pharmaceutical
company, which had recalled batches of Digene syrup due to taste
and odor complaints, claims there is no impact on health. The
plant, which accounts for 7% of the Indian antiflatulent market,
faces regulatory questions following inspections. Abbott plans
to officially respond to the notice.
Novartis (NYSE:NVS) – Novartis’ generics
unit Sandoz plans to launch five additional biologics. Its
CEO, Richard Saynor, highlights the growth of biosimilars in the
pipeline, aiming to
overtake Pfizer (NYSE:PFE) as the leader
in the sector. The spin-off of Sandoz will be decided at a
Novartis meeting. The company intends to improve profitability
by expanding its presence in biosimilars, and will face competition
from other large pharmaceutical companies.
Bristol Myers Squibb (NYSE:BMY) – Bristol
Myers Squibb plans to double its clinical trials, focusing on
cellular therapies, due to generic competition for its leading
drugs. The company, which is facing declining demand for
Revlimid and Eliquis, will expand its production capacity in
Devens.
Canopy Growth (NASDAQ:CGC) – Canopy Growth
seeks bankruptcy protection for BioSteel, its sports nutrition
segment, as it seeks to control costs. The move sent Canopy
shares up 9.6% on Thursday, hoping to reduce debt. The company
faces financial challenges and will lay off 181 BioSteel
employees.
Novartis (NYSE:NVS)
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