Stock futures fell Monday after talks between the U.S. and Iran failed to reach a peace deal, driving oil prices up and pushing bond yields to a 19-year high.
Nvidia rose 1.9%. The chip maker said Monday it would launch the largest-ever U.S. stock buyback of $150 billion, bringing the total buyback authorization to $235 billion. The company expects to execute the remaining repurchases through fiscal 2028, which ends in January of that year.
Artificial-intelligence stocks were struggling as investors opted to ditch risk assets. Chip manufacturer Intel declined 2.3% and memory-card maker Sandisk fell 2.8% ahead of the opening bell. Advanced Micro Devices, Corning, Dell, Marvell, and Micron also dropped in premarket trading.
The rally in crude prices drove oil stocks higher. Chevron added 1.4% and ExxonMobil gained 1.5%. APA, Baker Hughes, Devon Energy, Diamondback Energy, and Halliburton also rose.
MongoDB tumbled 17%. The company announced that its President and CEO Chirantan Desai would resign effective immediately. Desai will leave the database giant to "pursue a senior role" at Meta Platforms, according to MongoDB.
Meta Platforms fell 1.5%, putting the stock on pace of posting back-to-back losses for the first time since mid-August. The decline came as pressure on AI-related stocks has intensified after OpenAI halted training of its latest models to implement additional safeguards.
Boeing was down 2.6% after The Wall Street Journal reported that the plane maker had identified a software glitch that could disrupt an automated landing feature. "Our engineers are working on a software update to permanently address the issue," Boeing told Barron's.
Kodiak Sciences surges 89%. The company said two experimental eye drugs met their primary goal in a late-stage study, positioning the biopharmaceutical company to get its first product to market.
NIO advanced 1.7% after the Chinese electric-vehicle manufacturer said it had agreed a strategic transaction with Geely's battery-swapping and charging businesses.
Roblox fell 5.2% to $44.04. Jefferies downgraded shares to Underperform from Hold with a $38 unchanged price target, saying that the stock's 30% rally since fiscal second-quarter earnings were released represents an overly optimistic view from investors.
SpaceX rose 0.5% ahead of the company's 14th test flight for its large rocket, Starship. If all goes as planned, this will be the first time Starship goes into orbit around the Earth.
Jefferies Financial and Vail Resorts are schedule to report earnings after Monday's closing bell.
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