S&P 500 futures are up 15 points, trading 0.2% higher. Nasdaq 100 futures rise 73 points, up 0.4%, and Dow Jones Industrial Average futures increase by 49 points, up 0.1%.
There's a positive trend in early trading as investors await the March FOMC decision at 2:00 ET. Large-cap tech stocks are performing well in pre-market trading, helping lift the market after declines yesterday.
Treasury yields are slightly up ahead of the FOMC decision and Fed Chair Powell's press conference at 2:30 ET. The 10-year yield is up to 4.29%, and the 2-year yield is at 4.05%.
The weekly MBA Mortgage Applications Index fell by 6.2%. Other data for today includes the weekly crude oil inventories at 10:30 ET and January's Net Long-Term TIC Flows at 4:00 ET.
Corporate updates:
Nvidia (NVDA, Financial) received accolades from Wall Street following CEO Jensen Huang's keynote at the GTC event, where the company unveiled advancements like the Blackwell Ultra NVL72 and co-packaged optical technology. These innovations are expected to reinforce Nvidia's leadership in AI, with shares seeing a 1% rise in premarket trading.
Tesla (TSLA, Financial) was removed from the Vancouver International Auto Show due to safety concerns amidst protests against the company in Canada. This follows British Columbia Hydro's decision to exclude Tesla from its EV rebate program, highlighting ongoing trade tensions between Canada and the U.S.
Shopify (SHOP, Financial) announced its decision to transfer its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Global Select Market. This move is expected to take effect later this month, with no impact on its Toronto Stock Exchange listing.
Immunovant (IMVT, Financial) saw a premarket decline of approximately 14% after releasing clinical trial data for its drug candidate, batoclimab. Although the Phase 3 trial met its primary endpoint for myasthenia gravis, the ongoing Phase 2b study for CIDP showed limited improvement, impacting investor sentiment.
Amazon's (AMZN, Financial) self-driving unit, Zoox, recalled 258 vehicles due to issues with its automated driving system. The recall was prompted by potential hard braking scenarios, with all affected vehicles updated by November 7, 2024. Zoox is preparing to launch commercial robotaxi operations in 2025.
Venture Global (VG, Financial) surged 8.1% pre-market following reports of potential U.S. government approval to export LNG from its CP2 facility in Louisiana. This approval would support President Trump's efforts to boost U.S. gas exports.
Scienture Holdings (SCNX, Financial) completed a draw on its Equity Line of Credit to support the launch of its new drug, Arbli™ Oral Suspension. This financial move follows FDA approval and aims to bolster pre-launch activities, with commercial availability expected in Q3 2025.
Samsung Electronics (SSNLF, Financial) is seeking major deals to drive growth after missing the AI wave last year. The company is reviewing its stock-based performance system and considering expanding it to employees to enhance stock price performance.
Starboard Value launched a proxy fight against Autodesk (ADSK, Financial), nominating director candidates for the upcoming annual meeting. The activist investor seeks to improve performance and restore investor confidence, citing Autodesk's underperformance and restructuring plans.
Signet (SIG, Financial) declared a quarterly dividend increase to $0.32 per share, marking a 10.3% rise. The dividend is payable in May, reflecting the company's solid financial performance with recent earnings surpassing expectations.
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