US stock futures rose on Thursday, eyeing fresh records as OpenAI (OPAI.PVT) buzz buoyed techs and blotted out the prospect of a US government shutdown with no end in sight. Nasdaq 100 futures (NQ=F) moved up 0.5%, while S&P 500 futures (ES=F) added 0.3%.
The S&P 500 (^GSPC) scored a fresh all-time high on Wednesday, closing above 6,700 for the first time, as investors focused on a fall in ADP jobs numbers that cemented bets on interest-rate cuts this year. OpenAI’s (OPAI.PVT) valuation soared to $500 billion after an employee share sale, boosting tech rally hopes despite fears of an AI bubble.
Elsewhere on the tech front, shares in Fermi (FRMI) built on the energy and datacenter company’s post-IPO jump, and Alibaba (BABA, 9988.HK) stock popped after JPMorgan raised its price target by almost 45%. Markets are setting aside the US government shutdown, which looks set to drag on at least until the end of the week.
Private data from the firm Challenger, Gray & Christmas released Thursday found hiring plans at their lowest level since 2009, even as layoffs fell. Layoffs fell in September, but companies’ hiring plans stood at their lowest level since the Great Recession era. The report is part of a slew of private data in higher focus, with government data delayed or postponed during the federal government shutdown.
Fair Isaac (FICO), a data analytics company, said on Thursday that it would begin selling FICO scores directly to mortgage lenders, circumventing the three major credit bureaus. FICO stock soared nearly 19% in premarket trading on Thursday, while shares of credit bureaus TransUnion (TRU) and Equifax (EFX) fell 12% each. Amazon’s stock appeal is waning due to fierce competition in the cloud-computing market, with Microsoft and Oracle putting pressure on the eCommerce giant’s shares.
OpenAI’s valuation has skyrocketed to $500 billion, surpassing Elon Musk’s SpaceX, making it the world’s largest startup after completing a deal for employees to sell shares.
Equifax stock dropped 10% in premarket trading following a rise in credit card fraud, while Alibaba and Samsung Electronics saw increases after positive news.
Goldman Sachs remains bullish on gold, declaring it their favorite long commodity with prices up 46% year to date.
Chipotle and PepsiCo face uncertain futures as analysts predict potential challenges ahead of earnings season, while Alibaba’s stock continues to rise due to positive outlooks from analysts.
Fermi’s shares surged 14% before the bell after a successful $683 million IPO, following a 54% increase in their Nasdaq debut. Former US Secretary of Energy Rick Perry’s energy real estate investment trust (REIT) raised $682.5 million in its US listing. Global chipmakers gained $200 billion in value as AI hype drove tech stocks to record highs. OpenAI closed a share sale at a historic $500 billion valuation. 1. The stock market experienced a significant drop today due to concerns over rising inflation and interest rates. The Dow Jones Industrial Average fell by over 500 points, marking one of the largest single-day declines in recent months.
2. A new study published in a medical journal has found that the Pfizer-BioNTech COVID-19 vaccine is highly effective in preventing severe illness and death caused by the Delta variant. The study included data from over 20,000 individuals who received the vaccine.
3. The United Nations has issued a dire warning about the impact of climate change on global food security. The report predicts that extreme weather events will continue to disrupt food production, leading to increased hunger and poverty in vulnerable regions.
4. The Tokyo Olympics have officially come to a close, with the United States finishing at the top of the medal table. Team USA won a total of 113 medals, including 39 gold, 41 silver, and 33 bronze, in a wide range of sports.
5. Apple has announced plans to release a new iPhone model with enhanced features and a larger screen size. The company’s CEO stated that the new device will offer improved performance, longer battery life, and advanced camera capabilities. The iPhone is set to be released later this year.
Read more at Yahoo Finance: S&P 500, Nasdaq futures rise as AI optimism blots out US shutdown