US stock futures were rising Wednesday following a selloff driven by fears of stubbornly high inflation.
These stocks were poised to make moves Wednesday:
Nvidia - Nvidia was up 1.8% in premarket trading after tumbling 6.2% on Tuesday, the stock's worst one-day percentage drop since a 9.5% decline on Sept. 3, 2024. Investors were disappointed CEO Jensen Huang provided relatively few details about the company's most lucrative business of providing chips to train and run artificial-intelligence models in his keynote address at the CES tech trade show on Monday. Benchmark Research analyst Cody Acree also noted how Huang failed to discuss some progress with Nvidia's next-generation GPU platform, Rubin.
Palantir - Palantir Technologies dropped 7.8% on Tuesday, making it the session's worst-performing stock in the S&P 500. It was Palantir's worst single-day percentage drop since May 7, 2024. Three exchange-traded funds run by Cathie Wood's ARK Investment Management disclosed late Monday they unloaded a combined 196,728 shares of Palantir, and sold another 4,890 shares on Tuesday. The company, a maker of AI software, was down 1.8% in premarket trading.
Tesla - Shares of electric-vehicle maker Tesla rose 0.6%. The stock fell 4.1% on Tuesday after BofA Securities analyst John Murphy downgraded Tesla to Hold from Buy. Meanwhile, the National Highway Traffic Safety Administration opened an investigation into Tesla's new "Actually Smart Summon" feature, which allows a Tesla owner to have his car drive itself to him in a parking lot.
Quantum computing stocks - Quantum-computing stocks such as D-Wave Quantum, off 15%; Quantum Computing, down 18%; Rigetti Computing, down 17%; and IONQ Inc. , down 9%, tumbled after Nvidia's Huang said "very useful" quantum computers won't be viable for 15 to 30 years. "If you kind of said 15 years for very useful quantum computers, that would probably be on the early side. If you said 30, it's probably on the late side," Huang said in a Q&A session during Nvidia's analyst day. "If you picked 20, I think a whole bunch of us would believe it."
Moderna - Shares of Moderna were rising 5.7% in premarket trading, extending Tuesday's gains of 12%, as the vaccine maker is one of a few drug companies currently developing a vaccine for the H5N1 bird flu. The first bird flu death was reported in the U.S. earlier this week.
Cal-Maine Foods - Cal-Maine Foods, the egg producer, reported fiscal second-quarter earnings and revenue that beat analysts' estimates on holiday demand and higher egg prices, which the company said, "have continued to rise this fiscal year as supply levels of shell eggs have been restricted due to recent outbreaks of highly pathogenic avian influenza." The stock rose 4% in premarket trading.
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