U.S. stock futures rose on Monday, as the Dow Jones and S&P 500 indices advanced, after the Dow and S&P 500 closed mixed on Friday to wrap up a volatile week for Big Tech.
Nvidia Corp.’s (NASDAQ:NVDA) board on Sunday announced that it is launching an investigation into co-founder and CEO Jensen Huang over his relationship with an alleged Chinese spy.
“I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry,” Huang said in an email to the company’s employees.
Yorkville Ives partner Dan Ives termed the affair a “black eye moment” for Nvidia, while warning that the issue could create fresh uncertainty for the chipmaker and its investors.
Meanwhile, the 10-year Treasury bond yielded 4.864%, and the two-year bond was at 4.53%. The CME Group’s FedWatch tool’s projections show markets pricing an 80.5% likelihood of the Federal Reserve hiking the current interest rates during its December meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.70% |
| S&P 500 | 0.33% |
| Nasdaq 100 | 0.01% |
| Russell 2000 | 1.05% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Monday. The SPY was up 0.31% at $733.67, while the QQQ advanced by 0.03% to $656.32.
Stocks In Focus
Nvidia
- Nvidia Corp. (NASDAQ:NVDA) shares fell more than 5% during the pre-market session amid concerns over Huang’s relationship with what the U.S. intelligence alleges is a Chinese spy.
- Benzinga’s Edge Stock Rankings indicate that NVDA maintains a weak price trend in the long, medium and short terms.
Occidental Petroleum
- Occidental Petroleum Corp. (NYSE:OXY) shares were up more than 1% pre-market ahead of the company’s latest quarterly results set to be reported after the closing bell. Benzinga Pro data shows that Occidental is expected to report earnings of $1.46 per share on revenue of $6.79 billion.
- Benzinga’s Edge Stock Rankings indicate that OXY maintains a weak price trend in the medium and short terms, but a strong price trend in the long term.
Constellation Energy
- Constellation Energy Corp. (NASDAQ:CEG) is expected to report earnings of $3.85 per share on revenue of $9.37 billion before the opening bell, according to data from Benzinga Pro. Constellation shares were up 0.58% in Monday’s pre-market trade.
- Benzinga’s Edge Stock Rankings indicate that CEG maintains a weak price trend in the long, medium and short terms.
Lucid Group
- Lucid Group Inc. (NASDAQ:LCID) shares were down 1.2% pre-market. The company is expected to report revenue of $382.57 million and a loss of $2.32 per share after the closing bell, according to Benzinga Pro.
- Benzinga’s Edge Stock Rankings indicate that LCID maintains a weak price trend in the long, medium and short terms.
AST SpaceMobile
- AST SpaceMobile Inc. (NASDAQ:ASTS) is expected to report revenue of $45.69 million and a loss of $0.44 per share after the closing bell, according to Benzinga Pro. AST SpaceMobile shares were up 0.4% pre-market.
- Benzinga’s Edge Stock Rankings indicate that ASTS maintains a weak price trend in the long, medium, and short terms.
Cues From Last Session
U.S. stocks closed on a mixed note on Friday, with the Dow falling over 237 points, while S&P 500 and Nasdaq Composite closed in the green.
Most sectors on the S&P 500 closed on a negative note, with consumer staples, financial and real estate stocks recording the biggest losses on Friday. However, information technology and communication services stocks were among the top performers.
| Index | Performance (+/-) | Value |
| Dow Jones | -0.46% | 51,285.73 |
| S&P 500 | 0.31% | 7,376.86 |
| Nasdaq Composite | 1.09% | 24,579.42 |
| Russell 2000 | 0.89% | 2,754.11 |
Insights From Analysts
Analysts at Schwab Center for Financial Research said in a note on Monday that after last week’s market turbulence, investors will be looking for some stability, with a relatively light calendar today before October’s Consumer Price Index (CPI) report takes center stage Tuesday.
The firm also stated that Fed speeches, Treasury auctions and an Atlanta Fed GDPNow update will also be on investors’ radar this week, as Friday’s stronger-than-expected jobs report and improving consumer sentiment offer some reassurance about the U.S. economy.
“Generally speaking, if you get a weak demand, that can be a little bit concerning. But demand has generally held up, and I think that that should continue given the relative attractiveness of where yields are today,” said Collin Martin, head of fixed income research and strategy at SCFR.
Upcoming Economic Data
Here’s what investors will be keeping an eye on this week:
- On Monday, Federal Reserve Bank of Chicago President Austan Goolsbee speaks at the Leadership Greater Chicago event at 10 a.m. ET.
- Federal Reserve Bank of Richmond President Thomas Barkin speaks at a Greater Greer Chamber of Commerce event at 12:15 p.m. ET.
- On Tuesday, the NFIB Index of Small Business Optimism will be released by 6 a.m. ET.
- The Consumer Price Index (CPI) for October will be released at 8:30 a.m. ET.
- Dallas Fed President Lorie Logan is set to deliver remarks at 10:50 a.m. ET.
- Kansas City Fed President Jeff Schmid is set to speak at 1:30 p.m. ET.
- Fed Vice Chair Michelle Bowman is set to speak at 3:30 p.m. ET at a Council on Foreign Relations event.
- No events are scheduled for Wednesday.
- On Thursday, weekly jobless claims data are set to be released at 8:30 a.m. ET.
- Cleveland Fed President Beth Hammack will speak at 9 a.m. ET.
- On Friday, October’s Producer Price Index (PPI) will be released by 8:30 a.m. ET.
- San Francisco Fed President Mary Daly will speak at 12 p.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude Oil WTI futures were trading lower in the early New York session by 0.4% to hover around $90.47 per barrel.
Gold Spot US Dollar rose 0.7% to hover around $4,098.72 per ounce. The U.S. Dollar Index spot was 0.46% lower at the 101.83 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading at $74,110 per coin, down 2.3% over the last 24 hours.
Asian markets closed mostly higher on Monday, as Japan’s Nikkei 225, Taiwan’s TWSE, China’s CSI 300, Shanghai Composite, India’s Nifty 50, and Australia’s ASX 200 indices rose. Hong Kong’s Hang Seng and South Korea’s Kospi closed in the red. European markets were mostly higher in early trade.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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