US Stock Futures Little Changed After Mixed Session Monday
U.S. stock futures are little changed after market indexes posted mixed results on Monday, January 6, 2025.
Market Overview
- Nasdaq Futures: Ticking lower after finishing up 1.2% in the prior session on the strength of chip stocks.
- S&P 500 Futures: Edging higher after posting 0.6% gains yesterday, while Dow Jones Industrial Average futures also are slightly higher after finishing marginally lower in the prior session.
- Bitcoin (BTCUSD): 1% lower but still trading over $100,000.
- Yields on the 10-year Treasury note: Little changed at above 4.6%.
- Oil and gold futures: Higher.
Nvidia Stock Hits All-Time High, Rise Further on CEO Remarks
Nvidia (NVDA) shares are rising further in premarket trading after closing at an all-time high on Monday as supplier Foxconn reported record revenue on strong artificial intelligence (AI) demand. The company’s shares are up 2.5% in early trading.
CEO Remarks and Company Progress
- Chief Executive Officer Jensen Huang delivered remarks last night at CES in Las Vegas, where he touted the company’s progress on self-driving cars, robotics, and AI agents.
- Nvidia is a leading provider of graphics processing units (GPUs) and high-performance computing hardware.
- The company’s advancements in AI technology have been driving demand for its products.
Uber Stock Gains on Nvidia Collaboration
Uber Technologies (UBER) stock is 2.5% higher in premarket trading after it announced a collaboration with Nvidia to support the development of AI-powered autonomous driving technology.
Collaboration Details and Impact
- By working with NVIDIA, we are confident that we can help supercharge the timeline for safe and scalable autonomous driving solutions for the industry,’ Uber CEO Dara Khosrowshahi said.
- The collaboration aims to accelerate the development of AI-powered autonomous driving technology.
- This partnership is a significant step forward in the adoption of autonomous vehicles.
Inari Medical Stock Soars on $4.9B Acquisition By Stryker
Shares of Inari Medical (NARI) are soaring 30% in premarket trading after Stryker (SYK) agreed to acquire the company in a $4.9 billion deal to merge the medical device makers.
Acquisition Details and Impact
- Stryker, which said the deal would be ‘highly complementary’ to its Neurovascular business, agreed to pay $80 per share for Inari Medical.
- The acquisition price is well above its Monday closing price of $65.
- This merger will create a leading medical device company with a strong portfolio of products.
Tencent Stock Sinks After Pentagon Adds It to ‘Chinese Military’ Blacklist
Shares of Tencent Holdings sank 7% in Hong Kong trading Tuesday after the WeChat parent was added by the U.S. Department of Defense to its list of ‘Chinese military companies.’
Designation Details and Impact
- The designation doesn’t carry any penalties but bans the companies on it from doing business with the Pentagon.
- Electric vehicle (EV) battery maker CATL, a major supplier to Tesla (TSLA) and Jeep parent Stellantis (STLA), was also added to the list.
- This development has sent shares of both Tencent and CATL lower.
In conclusion, US stock futures are little changed after market indexes posted mixed results on Monday. Nvidia’s shares are rising further in premarket trading after closing at an all-time high as supplier Foxconn reported record revenue on strong AI demand. Uber Technologies’ stock is gaining after it announced a collaboration with Nvidia to support the development of AI-powered autonomous driving technology. Inari Medical’s stock is soaring after Stryker agreed to acquire the company in a $4.9 billion deal. Tencent’s shares are sinking after being added by the U.S. Department of Defense to its list of ‘Chinese military companies.’
