U.S. stock futures crashed early Friday after Friday’s jobs report. U.S. Payrolls increased by 336,000 in September, much higher than expected.Economists polled by Dow Jones are expecting the U.S. economy to have added 170,000 jobs last month, down from 187,000 the prior month.
Market Snapshot
At 08:32 a.m. ET, Dow e-minis were down 170 points, or 0.51%, S&P 500 e-minis were down 32.25 points, or 0.75%, and Nasdaq 100 e-minis were down 136.25 points, or 0.92%.
Pre-Market Movers
Exxon Mobil, Pioneer Natural Resources - The former is close to acquiring the latter, in a takeover that could be worth roughly $60 billion. The deal could be finalized in the coming days. The formed slid nearly 2% while the latter soared over 10% in premarket trading.
Tesla Motors - The Model 3 was reduced to $38,990 from $40,240, while prices on the Model Y long-range vehicle were cut to $48,490 from $50,490. The Model Y performance car was lowered to $52,490. Stocks slid over 1% in premarket trading.
AMC Entertainment - Stocks rose over 2% in premarket trading. TAYLOR SWIFT | THE ERAS TOUR concert film had sold more than $100 million in advance tickets globally. Starting from October 13, the concert film will be screened in a majority of the confirmed 8,500 theaters spanning across 100 countries worldwide.
Levi Strauss & Co - It was lowering its financial forecasts "given the ongoing uncertainty in the macro environment.", and expected adjusted profit in the fiscal year to be "on the low end" of a prior forecast of between $1.10 and $1.20 a share. The company also forecast fiscal-year sales to be flat to up 1%, compared with previous expectations for growth of 1.5% to 2.5%. Stocks slid over 1% in premarket trading.
Aehr Test - It reaffirmed its fiscal 2024 guidance despite improved fiscal first-quarter profit and a revenue jump of 93%. Stocks tumbled over 12% in premarket trading.
VinFast Auto - Stocks fell nearly 3% in premarket trading. It has meticulously streamlined its manufacturing capital expenditure, resulting in savings of $400 million, earmarked for the construction of two cutting-edge facilities in India and Indonesia.
Taiwan Semiconductor Manufacturing - Its Q3 revenue slid less than projected as demand from artificial intelligence players helped offset sagging smartphone and laptop chip sales. Stocks rose nearly 1% in premarket trading.
Snap Inc - Britain's data watchdog on Friday issued Snapchat with a preliminary enforcement notice over a possible failure to properly assess the privacy risks of its generative AI chatbot to users, particularly children. Stocks rose slightly in premarket trading.
Market News
Former President Donald Trump is considering meeting with House Republicans as they prepare to elect a new speaker following the ouster of Kevin McCarthy, according to a Republican familiar with the planning.
Russia’s government has allowed a return to seaborne exports of diesel, just weeks after imposing a ban that roiled global markets. Shipments can resume provided that the fuel is delivered to the nation’s ports by pipeline, according to a statement on the government’s Telegram account.
Amazon.com is offering free grocery delivery for orders exceeding $100, down from $150, as the company looks to boost its fresh-food business. The new pricing will go into effect on Thursday at 7 p.m. New York time, a company spokesperson said in an emailed statement.
Tesla Motors cut prices of its Model 3 and Model Y vehicles in the U.S. by about 2.7% to 4.2%, its website showed on Thursday, about a month after it slashed prices for its premium Model S and Model X cars.
Berkshire Hathaway continued its recent sales of HP Inc on Tuesday, unloading 3.1 million shares for $80 million and dropping its stake in the maker of printers and personal computers to just below 10%.
The US Securities and Exchange Commission is seeking to force Elon Musk to testify as it investigates the billionaire’s purchases of Twitter Inc. shares ahead of his takeover of the social media platform.
Exxon Mobil is closing in on a deal to buy Pioneer Natural Resources, a blockbuster takeover that could be worth roughly $60 billion and reshape the U.S. oil industry. A deal could be sealed as soon as in the coming days, though it is still possible there won’t be one, people familiar with the matter said.
OpenAI, the company behind ChatGPT, is exploring making its own artificial intelligence chips and has gone as far as evaluating a potential acquisition target, according to people familiar with the company’s plans.