S&P 500 futures are down by 2 points, Nasdaq 100 futures are up by 10 points, and Dow Jones Industrial Average futures have decreased by 20 points. Overall, the market is seeing little change as investors show caution after recent record highs in the S&P 500 and DJIA.
The US Dollar Index has increased by 0.5% to 106.26 following statements from President-elect Trump about potential tariffs.
The yield on the 10-year Treasury note has risen by 2 basis points to 4.20%, while the 2-year yield is up by 3 basis points to 4.19%.
Today's economic schedule includes the release of the November ISM Manufacturing Index and the October Construction Spending report at 10:00 ET.
Today's News
Intel (INTC, Financial) announced a significant leadership change as CEO Pat Gelsinger is set to retire, with David Zinsner and Michelle Johnston Holthaus stepping in as co-CEOs. This transition aims to continue the momentum in semiconductor manufacturing and innovation. Following the news, Intel shares surged 4.5% in premarket trading.
Tesla (TSLA, Financial) received a boost as Roth MKM upgraded its stock to Buy, citing Elon Musk's support for Donald Trump as a factor that could expand its consumer base. The brokerage increased its price target to $380, suggesting a 10% upside potential. Tesla shares rose by 2.07% in premarket trading.
Novocure (NVCR, Financial) saw its shares jump 25% premarket after its TTFields therapy met the primary endpoint in a Phase 3 trial for pancreatic cancer. The company plans to seek regulatory approval for this promising treatment option.
MicroStrategy (MSTR, Financial) made headlines by purchasing 15,400 bitcoins for approximately $1.5 billion. The move is part of a broader strategy funded by a recent stock offering, with the company now holding around 402.1K bitcoins.
Marathon Digital Holdings (MARA, Financial) reported a 26.7% increase in bitcoin mining output for November, though its shares dipped 1.6% in premarket trading. The company continues to expand its bitcoin holdings significantly.
Intel's announcement overshadowed the muted stock index futures on Monday. Investors were cautious as President-elect Donald Trump threatened BRICS nations with tariffs if they pursued a currency to rival the U.S. dollar, which could have significant economic implications.
Roth MKM's upgrade of Tesla reflects a broader trend of political dynamics influencing stock performance, with potential changes to EV tax credits under the Trump transition team potentially benefiting Tesla.
Salesforce (CRM, Financial) is set to report strong fiscal third-quarter results, driven by increased demand for AI solutions. Wedbush Securities remains optimistic, maintaining an Outperform rating and a $375 price target.
Upstart Holdings (UPST, Financial) and LendingClub (LC, Financial) faced downgrades from J.P. Morgan, resulting in premarket declines of 4.8% and 2.9%, respectively. The analyst cited valuation concerns and a cautious outlook on fintech growth.
Johnson & Johnson (JNJ, Financial) submitted applications for expanded use of TREMFYA to treat pediatric psoriasis and arthritis, based on promising late-stage study data.
Okta (OKTA, Financial) and Cloudflare (NET, Financial) received upgrades from Morgan Stanley due to stabilizing demand and easing competition, while SentinelOne (S) and Tenable (TENB) were downgraded.
GuruFocus Stock Analysis
- MARA's $3.3 Billion Bitcoin Bet: 907 BTC Mined in November and No Signs of Slowing Down by Khac Phu Nguyen
- Elon Musk Fights to Preserve OpenAI's Mission Amid For-Profit Transition by ShantiPutri
- BYD Smashes Records as Tesla Rivals Shake Up China's EV Market in November by Nauman khan
- Good News for Tesla: Chair to Lead Australia's First R&D Review in Two Decades by Nauman khan
- Teradyne's Fair Valuation Is Worth Capitalizing on for Robotics Growth by Oliver Rodzianko
