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AMD reported earnings late yesterday, and its shares retreated early Wednesday.
Stock futures are moving lower in early-Wednesday trading as investors continue to parse earnings reports and digest heightened worries over AI stock valuations; market watchers are monitoring Washington, with lawmakers still working to end the shutdown and investors watching for private-sector jobs numbers later today; Advanced Micro Devices (AMD) shares are falling after the chipmaker reported record revenue on strong data center sales; Super Micro Computer (SMCI) shares fell after its earnings report missed estimates; Pinterest (PINS) shares are plummeting after its earnings came in worse than expected.
Here’s what you need to know today.
Stock futures were pointing lower in early trading after yesterday’s market plunge, which was powered in part by worries that artificial intelligence stocks were valued too highly. Futures tied to the tech-focused Nasdaq 100 were lower by 0.4% in premarketactoin, while those tied to the S&P 500 were down by 0.3%. Dow Jones Industrial Average futures were wavering. In yesterday’s session, the Nasdaq, S&P 500, and Dow Jones finished down a respective 2%, 1.2%, and 0.5%.
Bitcoin is trading at around $102,000. It dipped to into five-digit territory yesterday as it continues to pull back from the record high set in early October. Yields on the 10-year Treasury note, which impacts a range of consumer loans, was slightly lower at 4.08%. Gold futures moved higher to $3,975 an ounce after falling below that level in Tuesday’s session. Oil futures were lower by 0.5% to trade at around $60.21 a barrel.
With the government shutdown now the longest in U.S. history, lawmakers were reportedly close to a bipartisan deal that could bring an end to the work stoppage. Senate Majority Leader John Thune, a South Dakota Republican, laid out a short-term bill that could reopen the government as negotiations on healthcare funding continued, The Wall Street Journal reported.
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