Stock futures are little changed after Nasdaq Composite hits all-time high: Live updates

Stock futures are little changed after Nasdaq Composite hits all-time high: Live updates

Stock futures are near flat Tuesday morning after the technology-heavy Nasdaq Composite closed at an all-time high.

Futures connected to the Nasdaq 100 slipped about 0.1%. Dow Jones Industrial Average futures gained just 3 points, while S&P 500 futures also sat near its flatline.

In after-hours action, Palo Alto Networks dropped roughly 8%. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG.

Those moves come after a mixed day on Wall Street. The Nasdaq Composite notched a new intraday and closing high, rising about 0.7%. The index was lifted by Nvidia, which rallied 2.5% as investors geared up for the artificial intelligence titan’s Wednesday earnings report. The broad S&P 500 inched up nearly 0.1%.

But the blue-chip Dow slipped almost 200 points, or 0.5%. The 30-stock index was dragged down by a 4.5% drop in JPMorgan after CEO Jamie Dimon said his retirement may be sooner than expected and that the financial giant would not repurchase many shares at their current prices.

Monday’s action follows a notable week on Wall Street amid renewed hopes about the state of inflation and monetary policy. The Dow ended Monday’s session below the closely watched 40,000 level, after closing above it for the first time last week.

“The disinflation story is still intact,” said Keith Buchanan, portfolio manager at Globalt Investments.

“The market’s going to continue to drift higher if earnings can confirm the stickiness of the corporate profitability,” he added. But “that could lead to a market where we could be somewhat range bound, perhaps even drift lower.”

In that vein, investors will monitor speeches from several Federal Reserve speakers including Governor Christopher Waller, Richmond Fed President Tom Barkin and Atlanta Fed President Raphael Bostic. Traders will be watching closely for any insights into the future path of interest rates.

Economic data on nonmanufacturing is also due Tuesday. On the earnings front, investors will follow reports expected from retailers Lowe’s and Macy’s before the bell.

Li Auto plunges to 14-month low after downbeat first-quarter results

Shares of Chinese electric vehicle maker Li Auto plunged as much 25% on Tuesday after the EV maker posted downbeat first-quarter results.

The stock was the biggest loser on the Hang Seng index following its steepest one-day drop since March 2022.

Li Auto reported revenue of 25.6 billion yuan ($3.5 billion), down 38.6% from the fourth quarter of 2023, but 36.4% higher year on year. Revenue missed analysts’ average estimate of 26.73 billion yuan.

Vehicle deliveries in the first quarter also tumbled to 80,400 from 131,805 in the last quarter of 2023.

— Lim Hui Jie

Australia’s central bank considered raising rates in May meeting, minutes show

The Reserve Bank of Australia considered raising rates in its May meeting, minutes of the central bank’s meeting showed.

Members noted that inflation in Australia had declined less than expected, and economic growth and inflation internationally was exceeding expectations.

The RBA board members also agreed that economic information since the April meeting had increased the risks of inflation staying above target for longer.

RBA, however, left the cash rate unchanged at 4.35%.

— Lim Hui Jie

Samsung Electronics reportedly names new chief for semiconductor unit

South Korean chip giant Samsung Electronics has named Young Hyun Jun as its new chief for the semiconductor unit, Reuters reported Tuesday.

Samsung said the move was a “preemptive measure to strengthen the future competitiveness,” according to the report.

Jun has been chief executive at Samsung’s battery arm, Samsung SDI.

— Lim Hui Jie, Reuters

VanEck Semiconductor ETF closes at a record as Nvidia pops

The closely watched VanEck Semiconductor ETF (SMH) leapt more than 2% on Monday to close at a record high of 235.00.

The ETF got a boost from Nvidia, which jumped about 2.5% as Wall Street anticipated the chip giant’s upcoming earnings report on Wednesday afternoon.

Ahead of the results, Baird reiterated its buy rating on the stock and raised its price target to $1,200 from $1,050. Meanwhile, tech investor Dan Niles said Nvidia is cheap heading into earnings.

Stock futures are little changed after Nasdaq Composite hits all-time high: Live updates

It was also a solid day for fellow SMH constituents Broadcom, up 1.3%, and Qualcomm, which posted a 2% gain. Micron Technology ended Monday with a nearly 3% advance.

Darla Mercado, Gina Francolla

Stocks making big moves in extended trading

These are some of the stocks making notable moves after the bell:

  • Palo Alto Networks — Shares dropped 8.5%. Despite beating expectations on both lines for the fiscal third quarter, current-quarter guidance came in just in line with expectations of analysts polled by LSEG.
  • Peloton — Shares slipped 2.1% after the fitness company said it was refinancing. The company is putting up $275 million in convertible senior notes via a private offering.
  • Keysight Technologies — Shares tumbled 2.7% on weak guidance for the current quarter. The company said to expect non-GAAP earnings per share between $1.30 and $1.36 and revenue in the range of $1.18 billion and $1.2 billion. Analysts polled by FactSet had forecast $1.45 in earnings per share and $1.21 billion in revenue.

— Alex Harring

Ether leads crypto rally on late surge in ETF optimism

Crypto prices rallied on Monday amid a late surge in optimism around the U.S. Securities and Exchange Commission decision on spot ether exchange-traded funds applications, due this week. The previous consensus was that the funds would likely not be approved.

Ether led the crypto market, surging about 15% to about $3,500, according to Coin Metrics. Bitcoin gained more than 4%, briefly touching $70,000 at one point for the first time since April.

In regular trading, crypto-related stocks rode the wave, with Coinbase and MicroStrategy jumping 8% and 9%, respectively. Miners Marathon Digital and CleanSpark advanced 14% each.

— Tanaya Macheel

Stock futures are near flat

Stock futures were little changed shortly after 6 p.m. ET.

Nasdaq 100 futures slipped just around 0.1%, while S&P 500 and Dow futures both moved marginally.

— Alex Harring

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