01 Stock Market
As of Apr 28, U.S. stock index futures performed as follows: Dow futures inched up 0.20%, whereas S&P 500 futures fell 0.69% and Nasdaq 100 futures slid 1.29%, pointing to early pressure on growth names after a heavy slate of technology-related headlines and earnings updates.
Notable Stock Movers: Semiconductor weakness dominated pre-market action, with NVDA down 3.18% at $209.72, AMD down 5.83% at $315.13, and MU down 4.11% at $502.99. Software bellwether ORCL fell 6.59% at $161.57, while electric-vehicle leader TSLA dipped 1.70% at $372.24. Leveraged chip tracker SOXL fell 12.43% at $108.05, whereas its inverse peer SOXS rose 12.62% at $15.80, reflecting traders’ rotation into bearish semiconductor bets.
Activity in pre-market trade underscored investor defensiveness toward AI hardware suppliers, echoed by declines in broader tech proxies such as TQQQ down 3.86% at $60.22 versus volatility-hedging product SQQQ up 3.95% at $54.52. The contrasting moves signal caution ahead of a dense earnings calendar that features multiple mega-cap technology firms later this week.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.77%, to 4.37%.
• U.S. Dollar Index rose 0.3879% to 98.86.
• WTI crude oil futures rose 5.06% to 101.25 USD/barrel; COMEX gold futures fell 2.66% to 4569.00 USD/ounce.
03 Key News
1. Coca-Cola lifted its annual adjusted-profit forecast on resilient demand for premium beverages. Management cited strong sales of zero-sugar sodas and Fairlife milk, allowing the company to project 8%–9% earnings growth and report quarterly revenue above analyst expectations.
2. General Motors raised full-year adjusted-earnings guidance after tariff relief trimmed cost projections. Lower anticipated import levies reduced the automaker’s expense outlook by up to $500 million, supporting an upgraded profit range despite flat first-quarter revenue.
3. UPS reported a 28% decline in adjusted quarterly profit and signalled continued focus on higher-margin shipments. A strategic pullback from lower-value e-commerce deliveries to top client Amazon contributed to weaker earnings, and the stock traded lower ahead of the bell.
4. Spotify issued second-quarter profit and subscriber guidance below consensus, sending shares lower pre-market. The streaming group forecast operating income of €630 million and slower premium-user growth, highlighting competitive pressures in North America and Europe.
5. Google signed an agreement allowing the U.S. Department of Defense to deploy its AI models on classified networks. The pact includes provisions on safety filters and human oversight, aligning Google with other major AI labs supplying technology for national-security applications.
6. Rambus warned that second-quarter revenue could miss Street expectations, citing softer product demand. The semiconductor IP provider projected product sales of up to $101 million, below the midpoint of analysts’ estimates, triggering a double-digit pre-market share decline.
7. Poet Technologies disclosed the cancellation of purchase orders by a key customer acquired by Marvell, sparking a sharp share pullback. The optical-interposer maker said it remains committed to other deliveries but acknowledged concerns over confidentiality disputes affecting order visibility.
8. Novartis missed quarterly profit estimates as U.S. generic competition eroded Entresto sales. Core operating income dropped 12%, and management reiterated expectations for a modest full-year decline while pushing newer drugs to offset patent expiries.
9. Ark Invest accumulated stakes in newly listed X-Energy across three of its ETFs, expanding exposure to nuclear-energy themes. The Amazon-backed reactor developer debuted above its indicated range, and the purchases reflect Ark’s conviction in next-generation power solutions for data-center growth.
10. A Wall Street Journal report said OpenAI missed internal revenue and user milestones, raising funding concerns for large cloud partners. The shortfall stoked pre-market selling in infrastructure suppliers such as CoreWeave and Oracle and contributed to broader weakness across AI-linked chip stocks.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
