The S&P 500 futures are up 21 points, indicating a rise of 0.4%. Nasdaq 100 futures have gained 178 points, reflecting a 0.8% increase, while Dow Jones Industrial Average futures are up by 50 points, marking a 0.1% rise.
Futures tied to the S&P 500, Nasdaq 100, and Dow are seeing upward movement. Earnings from Broadcom (AVGO, Financial), which have shown a nearly 20% increase in premarket trading, are positively influencing semiconductor stocks and the broader market.
Treasury yields are on the rise. The 10-year yield is up three basis points to 4.35%, and the 2-year yield is higher by two basis points at 4.21%.
Today's economic reports include November Import Prices, Import Prices excluding oil, Export Prices, and Export Prices excluding agriculture, all expected at 8:30 ET.
Broadcom (AVGO, Financial), Costco (COST, Financial), and RH (RH, Financial) have reported earnings results. Broadcom beat expectations and increased its dividend. Costco reported a sales increase, and RH provided revenue guidance surpassing consensus despite missing earnings estimates. Boeing (BA, Financial) faces delays with the Air Force One project, and Qatar Airways is reconsidering its orders for the Boeing 737-10 model. Salesforce (CRM, Financial) received an upgrade from KeyBanc Capital Markets.
Today's News
Tesla (TSLA, Financial) has introduced a new autonomous driving feature in China, named "Actually Smart Summon," which allows vehicles to drive autonomously from parking lots to a nearby location within the driver's vision. This feature is available for vehicles with paid enhanced autopilot and full self-driving capabilities and is being rolled out via over-the-air software updates. Tesla's goal is to expand its full self-driving software to Europe and China by the first quarter of 2025, pending regulatory approvals.
Broadcom (AVGO, Financial) has reported impressive quarterly results, surpassing market expectations, and has projected up to $90 billion in revenue from custom artificial intelligence chips by 2027. This announcement has significantly boosted its shares by 17.5% in premarket trading and positively impacted other semiconductor stocks like Marvell Technology (MRVL, Financial), Nvidia (NVDA, Financial), and AMD (AMD, Financial). Analysts have shown renewed interest in Broadcom, with Jefferies raising the price target to $225.
Apple (AAPL, Financial) is set to begin manufacturing its AirPods in India starting early next year, marking a significant step in its strategy to diversify production away from China. Foxconn Technology's unit will handle the assembly in a new facility in Telangana. This move follows Apple's previous efforts to manufacture iPhones in India, with the company exporting $6 billion worth of India-made iPhones in the first half of the year.
Goldman Sachs has named Uber Technologies (UBER, Financial) as one of its top stock picks for 2025, despite a recent 15% decline in its share price. Analyst Eric Sheridan highlighted Uber's attractive risk-to-reward balance and potential to deliver on its commitments, even amid debates over pricing, competition, and the impact of autonomous vehicles.
Upstart Holdings (UPST, Financial) saw a 4.4% rise in premarket trading after Needham upgraded the stock to Buy from Hold. The upgrade is attributed to Upstart's improved balance sheet and funding environment, with increased partnerships and a stronger capital base. The company has successfully reduced its balance sheet exposure through loan sales and refinancing efforts.
The SEC has issued a settlement demand to Tesla (TSLA, Financial) CEO Elon Musk, reopening an investigation into his $44 billion acquisition of Twitter (now X) in 2022. The SEC is probing whether Musk violated securities laws by delaying the disclosure of his Twitter stock accumulation, which allegedly allowed him to acquire a substantial stake at a lower price.
Amazon (AMZN, Financial) and Meta (META, Financial) have each donated $1 million to Donald Trump's inauguration fund, as they seek to improve relations with the president-elect. Amazon will also broadcast the inauguration event on Prime Video, contributing an additional in-kind donation. These moves come amid heightened scrutiny and antitrust lawsuits facing Big Tech companies.
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