U.S. stock index futures were lower Friday morning, as Wall Street headed for a losing week amid concern that the Federal Reserve could raise rates more than expected.
Market Snapshot
At 08:15 a.m. ET, Dow e-minis were down 26 points, or 0.08%, S&P 500 e-minis were down 3.75 points, or 0.08%, and Nasdaq 100 e-minis were down 21.25 points, or 0.14%.
Pre-Market Movers
Apple - Stocks turned down again in premarket trading. Since Tuesday, $189.8 billion has been shaved from Apple’s market value, leaving it at around $2.8 trillion. Apple is expected to launch the iPhone 15 next Tuesday.
AMC Entertainment - Stocks slid over 2% in premarket trading. It set another milestone close Thursday, with shares down 5.8% to $8.12. The stock is down 98% from its record closing high of $339.05 in June 2021.
GameStop - Stocks slid nearly 2% in premarket trading. The Securities and Exchange Commission is investigating GameStop’s chairman Ryan Cohen’s ownership—and surprise sale—of Bed Bath & Beyond shares at a time when such so-called meme stocks were all the rage with investors.
Docusign - Stocks rose over 1% in premarket trading. It posted second-quarter adjusted earnings of 72 cents a share, higher than Wall Street expectations, and it raised its revenue forecast for the fiscal year, saying it now expects revenue of between $2.73 billion and $2.74 billion.
Faraday Future Intelligent Electric Inc. - Stocks gained over 4% in premarket trading. It reaffirmed its commitment to safeguarding the interests of its shareholders while driving long-term growth and value creation.
VinFast Auto - Stocks rebounded nearly 2% in premarket trading. It has seen its market capitalization fall more than $140 billion in less than two weeks, weighed down by a six-day losing streak in the company's stock.
Mullen Automotive - Stocks slid slightly in premarket trading. It has received a delisting determination letter from Nasdaq’s Listing Qualifications Department.
Planet Labs Pbc - Stocks slipped over 5% in premarket trading. It expects fiscal-year revenue of $216 million to $223 million, down from its prior range of $225 million to $235 million.
Market News
NVIDIA Corp’s CEO and co-founder, Jensen Huang, recently made some notable moves in the stock market. According to the latest filings from the company, Huang exercised stock options and subsequently sold the acquired shares over the past few trading sessions.
Taiwan Semiconductor Manufacturing’s sales in August were NT$188.69 billion, showing a decrease from the previous year’s NT$218.13 billion. There was a year-on-year decrease of 13% in the company’s sales for August. Despite the yearly decrease, TSMC experienced a month-on-month increase in sales by 6.2% in August. The year-to-date sales for TSMC total NT$1.36 trillion, showing a decrease of 5.2% compared to the previous year.
Goldman Sachs is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October, citing people familiar with the matter.
Rivian Automotive, Inc. will benefit late this year and in 2024 from a significant deflation for battery material prices, finance chief Claire McDonough said at a technology conference on Thursday.
ARM Holdings Ltd on Thursday told potential investors in its roughly $5 billion initial public offering that cloud computing expansion and royalty revenue represented major growth areas for the chip designer.
The Securities and Exchange Commission is investigating billionaire Ryan Cohen’s ownership—and surprise sale—of Bed Bath & Beyond shares at a time when such so-called meme stocks were all the rage with investors.
Docusign reported fiscal second-quarter net income of $7.4 million, or 4 cents a share, versus a loss of $45.1 million, or 22 cents a share, in the year-ago period. Revenue rose to $687.7 million from $622.2 million in the year-ago period, while billings rose 10% to $711.2 million.
Faraday Future Intelligent Electric Inc. on Thursday said it has recently observed a series of "suspicious activities" which the electric-vehicle startup believes suggested a "coordinated effort" to undermine its valuation.