01 Stock Market
Futures linked to the S&P 500 edged higher early Thursday after the index touched new highs, buoyed by hopes that the U.S. and Iran were closing in on an agreement to end the war.
S&P 500 futures rose 0.1%, along with Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average added 75 points, or 0.2%.
Notable Stock Movers: TSLA up 1.72% at $405.59; NVDA up 0.16% at $208.17; AMD fell 1.45% at $415.29; MU fell 1.91% at $653.87; INTC fell 2.71% at $109.95; newly listed ARM fell 8%. Activity clustered around semiconductors, where mixed earnings outlooks and supply questions drove divergent early moves.
02 Other Markets
• 10-year U.S. Treasury yield fell 0.51%, to 4.33%.
• U.S. Dollar Index fell 0.12% to 97.89.
• WTI crude oil futures fell 3.59% to 91.67 USD/barrel; COMEX gold futures rose 1.09% to 4745.70 USD/ounce.
03 Key News
Arm Stock Slides as Chip Supply Worries Overshadow Upbeat AI-Fueled Revenue Forecast
Arm Holdings forecast first-quarter revenue above Wall Street expectations on Wednesday, benefiting from higher adoption of its chip technology as tech companies spend heavily on artificial intelligence compute.
Arm’s stock jumped 12% in the wake of the report, but reversed course after Arm executives told analysts on a conference call that they have not yet secured supplies to meet the demand for a new chip. Analysts also probed the costs of the chip designer getting into the business of making its own chips.
Shares in Arm were down 8% in premarket trading on Thursday as investors assessed the comments and results.
McDonald's Misses US Sales Growth Target as Consumer Spending Tightens
McDonald's missed Wall Street estimates for growth in quarterly U.S. comparable sales on Thursday, as low-priced meal deals and limited-time offers struggled to draw diners whose budgets have been strained by higher fuel and grocery costs.
After several years of price hikes, operators in the fast-food industry have been forced to rely more on value-driven promotions to revive demand as customers cut back spending.
Unity Software Pops Amid Strong Q2 Guidance
Unity Software (U) shares rose more than 7% in premarket trading on Thursday after the mobile software company offered up strong guidance for the second quarter.
Looking to the upcoming period, Unity said it expects revenue to be between $505M and $515M. Strategic revenue is expected to be between $455M and $465M, up between 29% and 32% year-over-year, while Strategic Grow revenue is forecast to grow between 50% and 52% to hit between $302M and $306M. Strategic Create revenue is forecast to be between $154M and $158M, up between 11% and 14%, which excludes a one-time benefit of $12M in the year-ago quarter.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
Comments