Wall Street futures edged higher on Thursday ahead of upcoming economic data in the lead up to the Federal Reserve's likely interest rate cut next week.
Market Snapshot
S&P 500 E-minis were up 8 points, or 0.14%, Nasdaq 100 E-minis were up 15.75 points, or 0.08%, Dow E-minis were up 56 points, or 0.14%.
Pre-Market Movers
Nvidia was up 0.86% in premarket trading afterjumping 8%on Wednesday, the stock’s fourth-best percentage gain this year.CEO Jensen Huangon Wednesday discussed the rollout of the company’s new Blackwell chip and its customers’ return on investment. He said demand was so “great that delivery of our components and our technology and software is really emotional for people.”
Moderna said it plans to cut research and development spendingby 20% beginning in 2025, pausing a number of drug programs and discontinuing others. The vaccine maker said the cuts would bring it to break-even on an operating cash cost basis in 2028, two years later than the break-even date of 2026 that Moderna had set last November. Shares fell 7.7%.
Oxford Industries, the owner of brands Tommy Bahama and Lilly Pulitzer, reported second-quarter adjusted earnings that missed analysts’ estimates and cut its fiscal-year outlook. The company said it expects revenue of between $1.51 billion and $1.54 billion for the year, down from prior guidance of $1.59 billion to $1.63 billion. The stock tumbled 10%.
Boeing was down 0.6% ahead of a vote Thursday by the aerospace company’s workers on a new labor agreement that could boost average pay by roughly one-third over four years. Passage of the deal isn’t assured. Boeing and the International Association of Machinists and Aerospace Workers announced a tentative agreement on a new four-year labor deal Sunday.
Micron Technology was down 3.4% to $87.58 after shares of the chip company were downgraded to Underperform from Outperform at Exane BNP Paribas and the price target was reduced to $67 from $140.
Grocery giant Kroger, which will release quarterly earnings before Wall Street opens, rose 0.1% in premarket trading. The company has been fighting in court to defend its $25 billion merger with rival Albertsons.
Adobe, the software maker, was up 0.3% ahead of the release of its fiscal third-quarter earnings scheduled for after the closing bell Thursday.
Signet Jewelers rose 15% after topping fiscal second-quarter earnings expectations and saying same-store sales in the current third quarter have turned positive.
Norfolk Southern’s board terminated Alan Shaw as the railroad company’s chief executive. “This change in leadership comes in connection with preliminary findings from an ongoing investigation that determined Shaw violated company policies by engaging in a consensual relationship with the company’s chief legal officer,” the company said in a statement. “Shaw’s departure is unrelated to the company’s performance, financial reporting and results of operations.” The stock fell 0.7%.
Market News
Microsoft to Cut 650 Support Jobs in Xbox Games Unit
Microsoft Corp. said it is cutting 650 jobs in its Xbox unit, the third such layoffs this year as the company tries to rein in costs and integrate its massive $69 billion acquisition of Activision Blizzard Inc.
The roles to be eliminated are in “mostly corporate and supporting functions,” according to a memo sent to staff by Xbox chief Phil Spencer on Thursday. “No games, devices or experiences are being cancelled and no studios are being closed as part of these adjustments today.”
Billionaire Isaacman Embarks on Historic Private Space Walk
Billionaire Jared Isaacman made history on Thursday, exiting a SpaceX capsule to perform the world’s first commercial space walk.
SpaceX engineer Sarah Gillis is expected to leave the Crew Dragon craft after Isaacman returns into the vehicle.
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