Stock futures rose early Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.
Futures tied to the Dow Jones Industrial Average rose 426 points, or 0.9%. S&P 500 futures advanced 0.8%, while Nasdaq 100 futures climbed 1.4%.
Notable Stock Movers: AMD up 17%, INTC up 4%, MU up 4%, NVDA up 2%, leveraged semiconductor ETF SOXL up 14.51% at $165.08, and server-hardware specialist SMCI up 14.41% at $31.84. The strength underscores relentless appetite for chips tied to generative-AI build-outs.
Outside core semiconductors, consumer-facing leaders also firmed: e-commerce heavyweight BABA rose 5.19% to $139.12, search provider BIDU climbed 7.73% to $136.00, and streaming platform BILI advanced 2.00% to $21.98. Meanwhile electric-vehicle bellwether TSLA edged 0.84% higher at $392.65, reflecting cautious sentiment after news of a safety recall.
02 Other Markets
• 10-year U.S. Treasury yield fell 1.77%, to 4.34%.
• U.S. Dollar Index fell 0.78% to 97.72.
• WTI crude oil futures fell 11.49% to 90.52 USD/barrel; COMEX gold futures rose 3.40% to 4723.80 USD/ounce.
03 Key News
Uber Rallies After Gross Bookings Top Expectations; Lyft Also Higher
Uber Technologies (UBER) rose in early action on Wednesday after reporting gross bookings for Q1 above expectations.
For Q1, Uber (UBER) saw revenue rise 14.5% year-over-year to $13.2B to miss the consensus estimate by $60M. Mobility revenue was up 5%, delivery revenue increased 34%, and freight revenue was up 6%. Adjusted EBITDA rose 33% to $2.5B during the quarter to top the consensus estimate.
Disney Rallies After Posting Growth Across All Segments in FQ2
The Walt Disney Company (DIS) rose in early reaction to the company's fiscal first-quarter earnings report. Revenue growth of 7% year-over-year included gains across the Experiences (+7%), Entertainment (+10%), and Sports segments (+1%).
For the entertainment segment, the increase in revenue included a 4% benefit from the Fubo transaction. In addition, growth was attributable to higher subscription and affiliate fees due to an increase in effective rates, a favorable movement of major foreign currencies against the U.S. dollar, and subscriber growth. Also factoring in was an increase in content sales revenue attributable to higher theatrical distribution revenue. Notably, the current quarter reflected the ongoing performance of Avatar: Fire and Ash and Zootopia 2 and the release of Hoppers.
Hut 8 Signs About $10 Billion AI Data Center Lease in Texas, Shares Jump
Hut 8 said on Wednesday it had signed a 15-year lease worth $9.8 billion for its Beacon Point data center campus in Texas, as demand rises for infrastructure to train and serve AI models.
Shares of the Miami, Florida-based AI data center developer surged over 28% in premarket trading.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
