U.S. stock futures were mixed on Monday, as investors awaited key corporate results, particularly from Nvidia, following significant declines on Wall Street the previous week.
Market Snapshot
At 7:45 a.m. ET, Dow E-minis were down 40 points, or 0.09%, S&P 500 E-minis were up 6 points, or 0.1%, and Nasdaq 100 E-minis were up 74.5 points, or 0.36%.
Pre-Market Movers
Tesla - Tesla jumped 6.6% following a report from Bloomberg that said President-elect Donald Trump will seek to create afederal framework for self-driving cars. A federal framework could make it easier to obtain self-driving licenses and allow autonomous cars to drive across state lines. “This would be a huge step forward in easing U.S. rules … and be a significant tailwind for Tesla’s autonomous and AI vision heading into 2025,” wrote Wedbush analyst Dan Ives in a report.
Nvidia - Nvidia, the maker of artificial-intelligence chips, is scheduled to reportthird-quarter earningson Wednesday after the stock market closes. While investors will be, of course, focused on Nvidia’s profit and revenue figures, they also will be primed to learn how quickly the company can ramp upsales of its Blackwell AI chips. Nvidia shares were down 2.4% in premarket trading.
Super Micro Computer - The deadline for Super Micro Computer to get approval from the Nasdaq exchange on how it plans to regain compliance with listing requirements is Monday. A source familiar with the matter toldBarron’sthat the server makerintends to submit a planto regain compliance by the deadline. The stock has fallen 35% this year. It reached its 2024 closing high on March 13, when it was up 318% for the year. Shares rose 9.9% in premarket trading.
Destiny Tech100 - SpaceX is in early discussions to sell insider shares that could boost the value of Elon Musk’s rocket and satellite company to around $255 billion, people familiar with the matter said. Destiny Tech100 is a fund that offers retail investors access to high-profile private startups, and SpaceX is Destiny Tech100's largest holding, making up about 37.6% of the portfolio. Destiny Tech100 jumped 10% in premarket trading.
Warner Bros. Discovery - Warner Bros. Discovery rose 2.5% after The Wall Street Journal reported the media and entertainment companysettled a breach of contract lawsuitagainst the National Basketball Association, an agreement that will keep the company in business with the league for at least the next decade. The deal is expected to be announced early this week, the Journal reported.
Marathon Digital - Marathon Digital announced proposed private offering of $700 million of convertible senior notes. Proceeds to be used primarily to acquire bitcoin, repurchase existing convertible notes due 2026 and for general corporate purposes. The shares dropped 5.5% in premarket trading, erasing earlier gains.
Spirit Airlines - Spirit Airlines rose 2.8% to $1.11 a share after the discount carrierfiled a chapter 11 petitionin the U.S. Bankruptcy Court for the Southern District of New York. “Spirit has entered into an agreement with our bondholders that is expected to reduce our total debt, provide increased financial flexibility, position Spirit for long-term success and accelerate investments providing Guests with enhanced travel experiences and greater value. Part of this financial restructuring includes filing a “prearranged” chapter 11,” the airline said in a filing.
Wolfspeed - Wolfspeed announced a leadership transition as President and CEO Gregg Lowe will depart this month. Board Chairman Thomas Werner has been appointed as Executive Chairman while the company conducts a search for a permanent CEO. Under Lowe's leadership since 2017, Wolfspeed transformed into a pure-play silicon carbide company. The shares gained 5.7%.
Lifeway - Lifeway Foods received a new buyout offer from Danone at a higher price than a previous offer from the food and beverage company that was rejected. Lifeway said its board would evaluate Danone’s offer to buy all of the company’s shares that it didn’t already own for about $307 million, or $27 a share, in cash. Shares of Lifeway, the Illinois-based maker of probiotic foods, rose 7.8%.
Market News
Trump Team Is Seeking to Ease US Rules for Self-Driving Cars
Members of President-elect Donald Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department's priorities, according to people familiar with the matter.
If new rules enable cars without human controls, that would directly benefit Elon Musk, the Tesla Inc. chief executive officer and Trump mega-donor who has become a powerful fixture in the president-elect's inner circle. He has bet the future of the EV maker on self-driving technology and artificial intelligence.
While the Transportation Department, through the National Highway Traffic Safety Administration, can issue rules that would make it easier to run autonomous vehicles, an act of Congress would clear the way for mass adoption of self-driving cars. A bipartisan legislative measure being discussed in early stages would create federal rules around AVs, two of the people said.
New Nvidia AI Chips Overheating in Servers, the Information Reports
Nvidia's new Blackwell AI chips, which have already faced delays, have encountered problems with accompanying servers that overheat, causing some customers to worry they will not have enough time to get new data centers up and running, the Information reported on Sunday.
The Blackwell graphics processing units overheat when connected together in server racks designed to hold up to 72 chips, the report said, citing sources familiar with the issue.
The chipmaker has asked its suppliers to change the design of the racks several times to resolve overheating problems, according to Nvidia employees who have been working on the issue, as well as customers and suppliers with knowledge of the issue, the report said without naming the suppliers.
Musk's SpaceX Preparing to Launch Tender Offer in Dec at $135/Share, Sources Say
Elon Musk's SpaceX is preparing to launch a tender offer in December to sell existing shares at a price of $135 per share, two sources familiar with the matter said.
The tender offer would value SpaceX at more than $250 billion, according to the sources.
Musk, the world's richest person, is expected to wield significant influence in Washington to secure favorable government treatment for his companies, including SpaceX, after Donald Trump's victory for a second presidency.
