Nasdaq futures lead gains as SpaceX, Super Micro results lift AI trade
SPY•Nasdaq 100 futures rose 0.50% as SpaceX and Super Micro results supported AI-linked shares; Super Micro jumped 12.7% after forecasting quarterly revenue and profit margin above estimates. Netflix fell more than 6% after issuing a weaker-than-expected fourth-quarter profit forecast.
1. AI-linked shares rise
U.S. stock futures gained on Wednesday, led by Nasdaq 100 futures, up 0.50%; S&P 500 futures rose 0.24% and Dow futures 0.07%. SpaceX shares rose 9.4% premarket after the company posted its first profit as a public company and Elon Musk said a merger with Tesla would be “a good idea.” Tesla shares gained 1.7%.
2. Super Micro forecast
Super Micro Computer jumped 12.7% after forecasting quarterly revenue and profit margin above Wall Street estimates. HPE and Dell each rose more than 4%, while Nvidia gained 1.5%, Intel rose 2.3% and AMD added 1.8%. The Philadelphia Semiconductor index had recorded eight consecutive sessions of declines, its longest losing streak in 18 years, and was trading at two-month lows.
3. Netflix falls; oil elevated
Netflix dropped more than 6% after issuing a weaker-than-expected fourth-quarter profit forecast, days after laying off 6% of its workforce. Brent crude futures traded above $110 a barrel, near a five-month high. The Federal Reserve meets next week after data showed price pressures broadening beyond energy products.
