by Tyler Durden
Authored…
US equity futures are up small with Russell/small caps outperforming, and yields dip at the start of a data-heavy week that will be pivotal for the Fed’s rate cuts later this year. As of 8:00am ET, S&P 500 contracts rose 0.2% after the index ended Friday just shy of a record high; Nasdaq futures were flat. In premarket trading, AMD fell 2.3% and NVDA was 1% lower after the chipmakers agreed to remit to the US government 15% of their revenue from AI chip sales to China in exchange for export licenses. Bond yields are lower as the curve flattens and the USD rises. Cmdtys are lower with Energy/Metals weaker but Ags stronger. Meanwhile, Trump asked China to increase soybeans purchases 4x ahead of tomorrow’s trade deadline although Lutnick last week said another extension is likely. Geopolitics is also in focus with a larger impact on EMEA and the Trump/Putin summit this Friday. Bitcoin rises back to $122K and Ethereum surge to $4350 overnight, hitting the highest since 2021. There are no major macro data prints today but market will focus on CPI on Tuesday.
In premarket trading, Mag7 stocks are mixed: Tesla +1.2%, Microsoft +0.3%, Amazon +0.2%, Apple -0.5%, Meta +0.06%, Alphabet -0.2%, Nvidia -0.6%. Here are some other notable premarket movers:
- Cryptocurrency-exposed stocks rally as Bitcoin extended gains to rise to within striking distance of an all-time high. Coinbase (COIN) +3%, MARA Holdings (MARA) +3%, Riot Platforms (RIOT) +3%
- Lithium stocks rally after operations were halted at a major Chinese mine, spurring speculation that Beijing might move to suspend other projects to tackle overcapacity. Albemarle (ALB) +12%, SQM ADRs (SQM) +7.7%, Lithium Americas (LAC) +9%
- Biotech stocks fall after news that ousted US Food and Drug Administration vaccine regulator Vinay Prasad is set to return to the agency. Capricor Therapeutics (CAPR) -11%, Sarepta Therapeutics (SRPT) -4% and Replimune (REPL) -6%
- Aaon (AAON) drops 18% after the air-conditioning equipment firm reported earnings per share for the second quarter that missed the average analyst estimate.
- Aveanna Healthcare (AVAH) rises 4% after Raymond James upgraded the stock to outperform following the health-care services company’s 2Q results that were well above company guidance and consensus forecasts.
- Barrick Mining (B) falls 3% after the miner reported second-quarter gold production and sales volumes that missed the average analyst estimate.
- Monday.com (MNDY) tumbles 18% after the software company reported its second-quarter results.
- Rumble (RUM) jumps 15% as the online video network platform announces its intent to buy AI firm Northern Data. Meanwhile, shares in Northern Data AG sink as much as 29%.
- Sapiens (SPNS) rises 20% after Calcalist reported that Formula Systems is in advanced talks to sell control of the software company at a valuation of about $2 billion.
Please read more at the below:
https://www.zerohedge.com/market-recaps/futures-rise-despite-us-government-shakedown-nvidia-amd
Diem ‘Richard’ Nguyen
Liên Minh Bảo Hiến Mỹ Gốc Việt
Vietnamese American Conservative Alliance (VACA)
https://freedom-vaca.org/vaca-blog-tieng-viet-nam/