U.S. stock index futures edged lower on Friday, ahead of the third-quarter earnings season kickoff, after hotter-than-expected September inflation data solidified expectations for a 25-basis-point rate cut by the Federal Reserve in November.
Market Snapshot
At 7:36 a.m. ET, Dow E-minis were flat, U.S. S&P 500 E-minis were unchanged and Nasdaq 100 E-minis were down 58.25 points, or 0.29%.
Pre-Market Movers
Tesla was falling 6% in premarket trading after the electric-vehicle maker late Thursdayunveiled a new “cybercab” without a steering wheel or pedals that would cost under $30,000, and a “robovan” that can transport up to 20 people at a timeor carry goods. CEO Elon Musk also talked about starting limited robotaxi service as early as 2025. But first the company planned to deploy a fully autonomous version of its Full Self-Driving software in Texas and California next year, which would run on two of its existing vehicles, the Model 3 and Model Y. The cybercab will come in 2027.
Ride-hailing giant Uber Technologies was rising 5% after Tesla’s event, and smaller rival Lyft gained 3%.
JPMorgan Chase was up 1% in premarket trading after postingthird-quarter earnings of $4.37 a share, topping estimates of of $3.99.
Wells Fargo rose over 3% in premarket trading after posting third-quarter profit that topped analyst expectations as a surge in investment-banking fees helped counter a dip in lending revenue as interest rates fall.
Investment-banking fees rose 37% to $672 million in the third quarter, the San Francisco-based bank said in a statement Friday. That helped buoy non-interest income, which climbed 12% to $8.7 billion in the period.
BlackRock, the world’s largest asset manager, reported adjusted third-quarter earnings of $11.46 a share, topping analysts’ estimates of $10.36. Shares rose 2%.
Fastenal rose 4.4% after the industrial distribution company reported better-than-expected third-quarter earnings.
Advanced Micro Devices was up 1% after the company launched its latestdata center artificial-intelligence chip, the Instinct MI325X. Nvidia’s newer, more powerful Blackwell GPUs—which just started reaching customers this quarter—are likely to far outperform AMD’s MI325X, according toBarron’sreporter Tae Kim. Nvidia shares were up 0.1%.
Aehr Test Systems jumped 13% after fiscal first-quarter earnings and revenue fell from a year earlier but the supplier of semiconductor test and burn-in equipment said it wasmoving into large and fast-growing markets, “such as artificial intelligence processors, gallium nitride power semiconductors, hard disk drive components and flash memory devices.”
Market News
Temu told by EU to give info on steps it is taking against illegal product sales
The European Commission said it had sent a request for information to shopping website Temu under the Digital Services Act (DSA), asking Temu for information on steps it was taking to stop illegal products being sold on its platform.
"Today, the Commission has sent a request for information (RFI) to Temu under the Digital Services Act (DSA), requesting the platform to provide detailed information and internal documents on the mitigation measures taken against the presence and reappearance of traders selling illegal products on its online marketplace," said the Commission on Friday.
BNY Q3 profit rises as assets under custody and administration top $50 trillion
BNY's (BK.N), opens new tab profit jumped 16% in the third quarter on higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time, the world's largest custodian bank said on Friday.
The bank's fees, typically calculated as a percentage of the assets under custody, benefited from a market rally that boosted their value as well as acquisition of new clients.