Stock futures rose Monday as Wall Street cheered President-elect Donald Trump's selection of Wall Street veteran Scott Bessent as Treasury secretary.
These stocks were poised to make moves Monday:
Super Micro Computer was up 8.3% in premarket trading, with the server maker coming off last week's surge of 78%, the stock's largest weekly gain on record. Lifting shares last week were Super Micro's submission of plans to remain listed on the Nasdaq and the naming of a new auditor.
Snowflake rose 3.5% to $173.3 after shares of the software company were upgraded to Outperform from Neutral at Wedbush with a new price target of $190. Elastic also received an upgrade at Wedbush to Outperform from Neutral and a new price target of $135. The stock gained 1.8% to $110. Analysts at the firm said the upgrades reflect their "increased bullishness on the next phase of this AI Revolution in the software sector into 2025." Wedbush also raised its price targets on Palantir Technologies to $75 from $57, and Salesforce to $375 from $325. Palantir was up 1.7% to $65.45, and Salesforce rose 0.8% in premarket trading to $345.
Shares of MicroStrategy gained 6.6% in premarket trading. The largest corporate holder of Bitcoin is expected within the next few days to unveil a fresh purchase of Bitcoin using proceeds from a $3 billion convertible bond sale that closed on Friday, according to Andrew Bary of Barron's. The bond sale was boosted in size from $2.6 billion due to strong investor demand. MicroStrategy, which held 331,200 coins as of Nov. 17, has been on a bitcoin buying spree during November.
Peabody Energy fell 5.1% after Anglo American signed a deal to sell its remaining steelmaking coal assets to the U.S. coal miner for up to roughly $3.78 billion.
Quantum Computing jumped 15% and D-Wave Quantum gained 14% after Amazon Web Services launched Quantum Embark, a new advisory program for customers. "Quantum Embark aims to help customers get ready for quantum computing by providing an expert-led approach, as they embark on their journey. With Embark, there are no long-term commitments, and customers can get started in as little as a few weeks," said a blog from AWS.
Earnings reports are expected Monday from Agilent Technologies, Zoom Video Communications, Bath & Body Works, and Fluence Energy.
Reports are expected later in the week from Dell Technologies, Analog Devices, CrowdStrike Holdings, Workday, Autodesk, HP Inc., Best Buy, Nutanix, Dick's Sporting Goods, Abercrombie & Fitch, Macy's, Nordstrom, and Ambarella.
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