U.S. stock index futures fell on Tuesday as rising Treasury yields pressured rate-sensitive shares, while investors assessed the strength of the corporate sector from various company results.
Market Snapshot
At 7:52 a.m. ET, Dow E-minis were down 189 points, or 0.44%, S&P 500 E-minis were down 28.5 points, or 0.48% and Nasdaq 100 E-minis were down 115.75 points, or 0.56%.
Pre-Market Movers
Nvidia - Nvidia was up slightly in premarket trading, a day after shares of the the semiconductor maker and the leading provider of chips to train artificial-intelligence systemsclosed at a record high of $143.71 and its market cap reached $3.525 trillion. Nvidia is the second U.S. company to ever close with a market value above $3.5 trillion; Apple first closed above $3.5 trillion on July 9. Apple’s market cap at the close of trading Monday was $3.595 trillion.
Grab - Grab stock gained another 2% in premarket trading Tuesday after jumping 8% on Monday. The ride-hailing firm planned to announce its unaudited third quarter 2024 results after the U.S. market closes on November 11, 2024.
SAP - Third-quarter operating profit at SAP on an adjusted basis rose 27% from a year earlier and the German business-software company raised its full-year outlook. SAP said a significant part of its cloud deals in the third quarter “included AI use cases.” U.S.-listed shares of SAP were rising 3.4%.
General Motors - Shares of General Motors were up 1.1%. The auto maker reportedthird-quarter earningsof $2.96 a share and an operating profit of $4.1 billion on sales of $48.8 billion. Wall Street was looking for earnings of $2.38 and an operating profit of $3.3 billion on sales of $44.7 billion.
Verizon - Verizon Communications was down 1.2% in premarket trading after the telecommunications giant posted third-quarter revenue that slightly missed analysts’ expectations because of a decline in wireless equipment sales. Adjusted earnings in the period topped estimates and Verizon reported retail postpaid phone net additions of 239,000, better than estimates of 221,000.
GE Aerospace - GE Aerospace was down 4.4% afterthird-quarter earningsfrom the commercial-aerospace giant topped Wall Street forecasts. The company also raised full-year financial guidance. Coming into Tuesday, the stock has gained 91% this year.
Nucor - Nucor, the steel manufacturer, posted third-quarter earnings and revenue that declined from a year earlier as the average sales price per ton fell 15% from a year earlier and the company shipped 6.2 million tons to outside customers in the period, down 1%. The stock was down 2.6%.
Irhythm Technologies - iRhythm Technologies jumped 17% after the Food and Drug Administration granted clearance for its submission to prior design changes made to its Zio AT device, a prescription-only outpatient cardiac telemetry device.
Medpace - Medpace Holdings was falling 11% after the clinical contract research organization raised its earnings guidance for 2024 but said it expects revenue for the year of $2.09 billion to $2.13 billion, down from its prior guidance range of $2.125 billion to $2.175 billion.
Cheesecake Factory - Cheesecake Factory rose 3.7% after The Wall Street Journal reported activist investor JCP Investment Management hasbuilt a position of roughly 2% in the restaurant operatorand has urged it to spin off three of its smaller brands into a separate public company.
3M - 3M was up 4.8% after the maker of Scotch Tape and Post-It-Notesbeat third-quarter earnings expectations.
Danaher - Danaher was up 1.4% after the healthcare and laboratory-supply company reported third-quarter earnings and sales that topped Wall Street expectations.
Genprex - Gene therapy company Genprex surged another 130% in premarket trading on Tuesday after soaring 266% on Monday. Genprex’s gene therapy trial progress are driving strong interest.
Market News
Fed's Daly Says She Doesn't See Reasons to Stop Cutting Rates
Federal Reserve Bank of San Francisco President Mary Daly said she expected the US central bank would continue cutting interest rates to guard against further weakening in the labor market.
“So far, I haven’t seen any information that would suggest we wouldn’t continue to reduce the interest rate.” Daly said Monday at the Wall Street Journal’s TechLive conference in Laguna Beach, California. “This is a very tight interest rate for an economy that already is on a path to 2% inflation, and I don’t want to see the labor market go further.”
Policymakers at their meeting last month began lowering interest rates for the first time since the onset of the pandemic. They cut their benchmark by a half percentage point, to a range of 4.75% to 5%, as concern mounted that the labor market was deteriorating and as inflation cooled close to the Fed’s 2% goal.
Musk Sued Over "Blade Runner" Imagery During Robotaxi Unveiling
Hollywood filmmaker Alcon Entertainment is suing Elon Musk, saying Tesla Inc. used imagery inspired by the 2017 movie Blade Runner 2049 at a recent event even after permission was denied.
The production company, which has also financed and produced films such as The Blind Side, filed a lawsuit accusing Musk of copyright infringement, saying it specifically declined to grant permission to use the images. Alcon also alleges Tesla didn’t reach out for permission until the day of the event, which was held on Oct. 10. Musk, Tesla and Warner Brothers Discovery Inc., which hosted the event in a studio lot, are listed as defendants.
The long-anticipated Cybercab unveiling earlier this month was dubbed “We, Robot” — likely in reference to a book by Isaac Asimov with a similar name, or a 2004 film. Tesla unveiled a fully autonomous vehicle, which lacks controls such as a steering wheel and pedals.
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