01 Stock Market
As of Mar 24, U.S. stock index futures performed as follows: Dow contracts drifted lower by 0.14%, S&P 500 minis slipped 0.13%, and Nasdaq 100 futures eased 0.12%, suggesting a cautious tone after the prior session’s rally. Modest profit-taking is evident across the board as traders await fresh catalysts, while Treasury yields’ uptick and a firmer dollar temper risk appetite. Still, the slight pull-back leaves futures well within recent ranges, pointing to a measured rather than panicked mood ahead of the opening bell.
Notable Stock Movers: Semiconductor bellwether NVDA down 0.03% at $175.58 is consolidating after a multi-week surge, as investors digest reports of an expansive licensing deal with Groq. Electric-vehicle leader TSLA down 0.09% at $380.50 pauses following news of a nascent European sales rebound. Memory giant MU down 0.16% at $403.70 cools after recent strong gains. Chinese ecommerce heavyweight PDD up 1.35% at $97.55 extends momentum on solid growth prospects, while LITE up 1.64% at $740.92 advances after joining the S&P 500 and touting robust laser demand. In small-cap action, Applied Optoelectronics (AAOI) up 3.7% on a sizable 800G transceiver order, and PAVS up 72.12% at $0.51 jumps on thin volume. Conversely, DXF fell 17.65% at $0.70 after a sharp capital raise, and HKIT fell 21.35% at $0.09 amid delisting concerns.
Pre-market breadth remains mixed: select tech hardware names gain on AI-related orders, while several Chinese ADRs—among them LI up 0.23% at $17.17 and BILI down 1.44% at $23.91—fluctuate amid overseas headline risk. Overall, rotation toward defensives and profit-taking in mega-caps define the early tone.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.78%, to 4.37%.
• U.S. Dollar Index rose 0.19% to 99.30.
• WTI crude oil futures rose 3.25% to 90.99 USD/barrel; COMEX gold futures rose 0.20% to 4,416 USD/ounce.
03 Key News
1. Li Auto unveiled a share-repurchase program authorizing up to USD 1 billion in buybacks. The company said purchases may be executed through open-market transactions and other approved methods, funding the initiative with existing cash reserves. Management signalled confidence in long-term prospects and a commitment to shareholder returns.
2. Japan’s Sumitomo Mitsui Financial Group assembled a team to weigh a full acquisition of **Jefferies**. Sources said the banking giant is monitoring valuation levels after previously lifting its stake to 20%. While no deal is guaranteed, Jefferies’ shares climbed in pre-market trade on the possibility of a takeover that could reshape the global investment-banking landscape.
3. Xiaomi reported a 23.7% slide in quarterly profit as heavy electric-vehicle spending pressured margins. Adjusted earnings fell despite revenue edging above analyst expectations, underscoring the cost of the smartphone maker’s diversification push into EVs and connected devices.
4. Applied Optoelectronics secured a USD 53 million order for 800G data-center transceivers from a major hyperscaler. The products will boost network capacity for AI work-loads tied to GPU cluster expansion, strengthening the optical-component supplier’s backlog and fueling pre-market gains.
5. Apple announced its next Worldwide Developers Conference will be held online and in-person and is preparing to launch advertising in its Maps application. The tech giant aims to showcase new AI-driven software tools at the event, while the prospective Maps ad platform could open a fresh revenue stream within its high-margin services segment.
6. Lumentum officially joined the S&P 500 and outlined capacity expansions for ultra-high-powered lasers linked to AI demand. The optical-components maker highlighted a total addressable market that could quintuple by decade-end and is investing in a new North Carolina fab to support growth.
7. Apollo Global Management limited redemptions at a private credit fund after withdrawal requests topped internal thresholds. The gating underscores liquidity stresses across the private-market landscape, prompting a nearly 3% pre-market dip in Apollo shares as investors reassess exposure.
8. Tesla recorded its first monthly sales increase in Europe in more than a year, lifting sentiment despite a slight share pullback. The uptick suggests demand stabilization amid heightened regional competition and sets the stage for forthcoming delivery data.
9. Gilead Sciences agreed to acquire privately held biotech firm Ouro Medicines to strengthen its infectious-disease pipeline. The all-cash deal, valued in the low-billion-dollar range according to sources, expands Gilead’s early-stage portfolio and aligns with its strategy to refresh long-term growth drivers.
10. Estée Lauder confirmed it is in merger discussions with Spanish beauty group Puig. Talks center on potential strategic combinations to bolster global distribution and brand portfolios, though the U.S. cosmetics company cautioned that negotiations remain preliminary and no final agreement is assured.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
