The S&P 500 futures are up 10 points, Nasdaq 100 futures are up 20 points, and Dow Jones Industrial Average futures are up 140 points. Investors are positive this morning despite NVIDIA's (NVDA, Financial) earnings report not meeting high expectations.
Treasury yields are slightly lower, which is helping stocks move upward. The 10-year yield is down to 4.39%, while the 2-year yield remains at 4.31%.
Today's economic schedule includes:
Nvidia's (NVDA, Financial) impressive results and guidance have reinforced the positive outlook for Taiwan Semiconductor (TSM, Financial), as the latter stands to benefit from ongoing AI-driven growth. Analysts highlight Nvidia's strong datacenter GPU development and product margin outlook, which are favorable for TSMC's average selling price growth and industry leadership. The accelerated product launches by Nvidia enhance visibility for TSMC's supply chain dynamics.
American Airlines (AAL, Financial) is implementing new software to prevent passengers from boarding before their assigned group, aiming to streamline the boarding process during the busy holiday season. This technology, which alerts both gate agents and passengers if a boarding pass is scanned too early, is being rolled out to over 100 airports and is expected to expand further.
In the semiconductor sector, despite Nvidia's solid third-quarter results, its shares fell approximately 0.7% in premarket trading. Other semiconductor companies like AMD (AMD, Financial), ARM (ARM, Financial), ASML (ASML, Financial), and Intel (INTC, Financial) experienced mild selling as well. Analysts noted Nvidia's record datacenter revenues and continued demand for its products, although some pointed to a smaller-than-expected guidance beat as a possible concern.
e.l.f. Beauty (ELF, Financial) responded to a short-seller report by Muddy Waters Research, dismissing the allegations as baseless and aimed at manipulating the company's stock price. e.l.f. Beauty defended its business practices and highlighted its request for confidentiality regarding its U.S. import data with Customs and Border Protection.
In a notable development, Bitcoin (BTC-USD, Financial) continues its surge, reaching $97,548, driven by President-elect Donald Trump's pro-crypto stance. This rise has positively impacted stocks linked to cryptocurrency, with companies like MicroStrategy (MSTR, Financial) and MARA Holdings (MARA, Financial) seeing significant gains.
Meanwhile, Baidu (BIDU, Financial) saw its stock fall about 3% premarket after reporting mixed third-quarter results. The company's earnings per share missed estimates, but revenue beat expectations. Baidu's AI Cloud business showed growth, offsetting some of the weaknesses in its online marketing segment.
PayPal (PYPL, Financial) experienced a temporary service disruption affecting several of its products, including online checkout and Venmo. The issue was resolved within an hour, with the company's stock showing a slight increase in premarket trading.
In other news, Evolv Technologies (EVLV) faced a 12% drop in premarket trading following the resignation of its CFO and an internal investigation revealing accounting inaccuracies. The company is working to rectify these issues with the help of interim finance and accounting resources.
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