Stocks rose premarket — after entering a correction yesterday — as Senate Minority Leader Chuck Schumer opted not to block an emergency funding bill last night. That made it likely that the U.S. government won’t shut down this Saturday, easing some of the uncertainty faced by investors.
Futures linked to the Nasdaq 100 — a tech-focused index — gained almost 1.4% as of 8 a.m. in New York. Indicators tied to the Dow Jones Industrial Average and S&P 500 gained 1.2% and 0.15%, respectively. The Magnificent 7 stocks all gained in premarket trading. Palantir (PLTR) and Dell (DELL) also advanced.
The preliminary Michigan consumer sentiment reading is due at 10 a.m., with the consensus estimate projecting a slide to 64.0 in March from 64.7 in February, according to FactSet (FDS).
Stocks that may be active today:
CK Hutchison
CK Hutchison’s (CKHUY) ADRs may follow its Hong Kong-listed shares lower today. China used state-controlled media to signal its displeasure with the conglomerate’s planned sale of its ports in Panama to a BlackRock-led (BLK) consortium, the WSJ reported. Beijing has refrained from official comment on the transaction.
Docusign
Docusign shares jumped more than 11% in pre-opening trading after fiscal fourth-quarter earnings per share beat expectations, even as its projections for future results fell short. Analysts pointed to signs of growth, Barron’s reported.
Li Auto
Li Auto’s (LI) ADRs fell in premarket trading after the Chinese maker of Electric Vehicles said its revenue will probably fall this quarter.
Nvidia
Nvidia (NVDA) shares jumped 2.6% before the bell. Hon Hai Precision Industry (HNHPF) said it’s seen no slowdown in demand for servers it assembles for Nvidia and expects AI-related demand to double this quarter, Bloomberg Reported. The company, also called Foxconn, expects to total revenue to grow this year.
Ulta Beauty
Ulta (ULTA) Beauty stock jumped more than 6% premarket after the cosmetics retailer reported better-than-expected fourth-quarter results — and despite its projection for the current period falling short of analysts’ projections.
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