Nasdaq futures lead gains as SpaceX, Super Micro results lift AI stocks
SPY•Nasdaq 100 futures rose 0.67% before the bell as SpaceX shares gained 7.2% and Super Micro jumped 10.9% after the companies reported results. Netflix fell more than 6.6% after issuing a weaker-than-expected fourth-quarter profit forecast.
1. AI stocks climb
Nasdaq futures led U.S. stock futures higher on Wednesday after SpaceX posted its first profit as a public company and Super Micro forecast quarterly revenue and profit margin above Wall Street estimates. SpaceX shares rose 7.2% in premarket trading, while Super Micro climbed 10.9%.
2. Other movers
Tesla gained 1.4% after Elon Musk said a merger with SpaceX would be “a good idea.” Most chipmakers also rose, including Nvidia, up 2.1%, Intel, up 2.3%, and Advanced Micro Devices, up 1.9%. Netflix dropped more than 6.6% after its fourth-quarter profit forecast fell short of expectations; AT&T fell 3.5% despite beating third-quarter estimates.
3. Futures and rates
At 7:34 a.m. ET, Dow futures were up 0.12%, S&P 500 futures 0.27%, and Nasdaq 100 futures 0.67%. Oil remained near $110 a barrel, while recent U.S. data showed broader price pressures, supporting the case for another Federal Reserve rate hike. The central bank meets next week.
