S&P 500 futures are down 15 points, Nasdaq 100 futures are down 25 points, and Dow Jones Industrial Average futures are down 190 points. Both equity futures and Treasury yields are falling. The geopolitical situation is tense as Russian President Putin expanded conditions for using nuclear weapons following Ukraine's missile strike on Russia.
The 10-year Treasury yield has decreased to 4.37%, while the 2-year yield has dropped to 4.24%.
Walmart (WMT, Financial) shares are rising due to better-than-expected earnings and revenue. Conversely, Lowe's (LOW, Financial) reported earnings but received a negative market response.
Today, we expect data on October Housing Starts and Building Permits at 8:30 ET.
Stocks:
Today's News
Nvidia (NVDA, Financial) is in the spotlight as it prepares to report its fiscal third-quarter results. The company recently provided an update on its Blackwell line of GPUs, which are progressing smoothly according to Wells Fargo. Nvidia highlighted Foxconn's production ramp in the US, Mexico, and Taiwan, utilizing Nvidia Omniverse for 3D factory design. Foxconn aims for a 40% share in Nvidia's GB200 NVL rack-scale solutions. Additionally, Nvidia's involvement with Dell (DELL) and Super Micro (SMCI) in deploying xAI's 100,000 GPU cluster was emphasized.
Walmart (WMT, Financial) surged to a new high in premarket trading after surpassing Q3 estimates and raising its guidance. Despite challenges like East Coast port strikes, Walmart maintained steady prices and saw store deliveries top $2 billion. Jefferies analysts highlighted Walmart's encouraging sales trends in grocery, health & wellness, and general merchandise, positioning it well for the holiday season.
Symbotic (SYM, Financial) shares soared 27% in premarket trading following a strong quarterly performance. The company reported a 47.1% year-on-year revenue jump to $577 million, surpassing expectations by $106.49 million. Looking ahead, Symbotic forecasts continued topline growth and improved gross margins for fiscal 2025.
Medtronic (MDT, Financial) beat Q2 FY25 forecasts and adjusted its full-year earnings outlook in line with consensus. Despite a potential forex impact, the company anticipates high-single-digit adjusted EPS growth in the latter half of its fiscal year. Medtronic revised its FY25 guidance for non-GAAP earnings to $5.44-$5.50 per share.
Robinhood Markets (HOOD, Financial) announced plans to acquire TradePMR for approximately $300 million, marking its entry into the wealth management space. Robinhood aims to combine fiduciary advisors' expertise with its technology, with the acquisition expected to close in the first half of 2025.
Marathon Digital Holdings (MARA, Financial) priced its offering of $850 million convertible senior notes due 2030, with an option for underwriters to purchase an additional $150 million. MARA plans to use part of the proceeds to repurchase existing convertible notes due 2026, leading to a 4% premarket stock price increase.
Lowe's Companies (LOW, Financial) experienced a dip in premarket trading despite beating Q3 expectations and raising its full-year guidance. The company reported a 1.1% decline in comparable sales, better than the anticipated 3.3% decline, driven by strong online sales and Pro segment growth.
Google's (GOOG, Financial) partnership with AI startup Anthropic will not face an investigation by the UK's antitrust agency, as it does not meet the criteria for material influence or revenue thresholds. Google shares saw a slight decline in premarket trading.
Walmart's (WMT, Financial) international sales rose 8% year-over-year, driven by strong performance in Flipkart, Walmex, and China. E-commerce sales increased by 27%, contributing significantly to comparable sales growth. Sam's Club also reported robust sales growth across club and digital channels.
GuruFocus Stock Analysis
- Stick With Meta Platforms Stock -- a Free Cash Flow Gusher by Mark Hake, CFA
- Trump's Crypto Gambit: Bakkt Stock Explodes 162% as Bitcoin Nears $92K by Khac Phu Nguyen
- Walmart Q3 Revenue Hits $169 Billion, EPS Surges by 850% by Nauman khan
- Super Micro Shares Soar 15% on New Auditor Appointment by Nauman khan
- Symbotic's Shares Soar 28.5% on Explosive AI Growth and Game-Changing Q4 Results by Khac Phu Nguyen
