Stock Market Today: S&P 500, Nasdaq edge higher as tech stocks rebound and oil prices fall ahead of Micron earnings
U.S. markets opened mixed on Wednesday. The S&P 500 rose about 0.1%, the Nasdaq Composite also rose 0.1%, and the Dow Jones Industrial Average fell about 15 points (0.1%).
U.S. stock futures are trading higher ahead of the open this morning. S&P 500 futures rose 0.3%. Nasdaq 100 futures rose 0.6%, driven by a rebound in technology stocks. Dow Jones Industrial Average futures rose 15 points, or 0.03%.
Oil prices continue to fall
Oil prices fell sharply, boosting market sentiment. Brent crude fell about 3% to around $74 a barrel, its lowest level since before the U.S. and Israel launched air strikes on Iran earlier this year. U.S. West Texas Intermediate (WTI) crude also fell about 3% to around $71.
Micron Technology Financial Report
Chipmaker Micron is scheduled to report earnings after the close on Wednesday. According to CNBC, analysts surveyed by FactSet expect Micron Technology to report earnings of $20.83 per share and revenue of $35.75 billion.
Investors are paying attention to Micron Technology’s earnings report after the market closes. Before the news was announced, Micron Technology’s stock price rose about 4%. The stock fell 13% on Tuesday, one of its worst trading days in recent memory. Investors hope strong earnings will support the semiconductor industry.
Other memory chip stocks also rebounded
Sandisk shares rose nearly 3% in premarket trading. Sandisk also fell 13% during Tuesday’s trading session. The Roundhill Memory ETF (DRAM) fell 14% on Tuesday, but was up about 3% before the open on Wednesday, CNBC reported.
Intel and Qualcomm
Intel shares rose more than 1% in premarket trading after falling 6% on Tuesday. Qualcomm rose more than 1% after falling 8% in the previous session. Investors are buying back some technology stocks after Tuesday’s sharp losses.
Tuesday was a tough day for tech stocks
this S&P 500 Index It fell 1.44% on Tuesday. The Nasdaq Composite fell 2.21%. The Dow Jones Industrial Average fell 45.87 points, or 0.09%. A massive sell-off in semiconductor-related stocks was one of the main reasons for the market’s decline.
Morgan Stanley warns risks related to artificial intelligence may be increasing
Dan Skelly, head of market research and strategy at Morgan Stanley Wealth Management, said the recent weakness may not be solely due to technical trading factors. He said there are concerns about price wars among AI model builders. He also noted that rental prices for older graphics processing units (GPUs) have begun to drop. Skelly said Microsoft appears to be focusing more on low-cost AI models, which could mark a shift in direction for the AI ​​industry.
Trump comments on Strait of Hormuz
president Donald Trump Iran informed that us Ships passing through the Strait of Hormuz will not face tolls, insurance or other fees. According to the “Truth Society” post, Trump also said that the United States plans to use Iranian funds under U.S. control to purchase American agricultural products for Iran. He said Iran urgently needs food supplies.
Elon Musk loses billionaire status
Elon Musk’s net worth has dropped to about $957 billion, according to the Bloomberg Billionaires Index. Just over a week ago, he became the world’s first trillionaire. Despite his decline in wealth, Musk remains the world’s richest man.
SpaceX shares have fallen 19% over the past five trading days. Tesla shares fell 7% during the same period. The drop in stock prices reduced Musk’s paper wealth, taking it below the $1 trillion mark.
Take-Two Interactive shares rise after big GTA 6 news
Shares of Take-Two Interactive rose more than 2% in premarket trading. The company announced that pre-orders for Grand Theft Auto VI will begin on Thursday. According to CNBC, GTA 6 is scheduled to launch on PlayStation 5 and Xbox Series X and S on November 19.
Cerebras shares fell despite strong revenue growth.
Cerebras Systems shares fell more than 10%. Revenue has doubled in the past year. Investors focused on the company’s forecast for a decline in gross margin in the second quarter.
According to CNBC, TD Cowen analyst Joshua Buchalter said concerns about profit margins are overblown. Pricing was stronger than expected and demand for AI computing remains higher than supply, he said. Buchalter said this is a positive sign for AI infrastructure providers.
Stock Market Today: Key Points
- U.S. stock futures rose on Wednesday as investors bought back technology stocks after Tuesday’s sharp selloff.
- Micron Technology’s earnings report is the biggest market event of the day and could impact chip stocks, artificial intelligence-related companies and the broader market.
- Meanwhile, falling oil prices, Elon Musk’s loss of trillionaire status and optimism surrounding Grand Theft Auto 6 have also attracted investors’ attention.
