Dow Futures Edge Lower As Investors Await Economic Data: GOOGL, META, NVDA, BABA Among Stocks To Watch

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While Dow Jones futures were down by 0.17% at the time of writing, the S&P 500 futures fell 0.22%.

  • Retail sales, the Producer Price Index (PPI), and consumer confidence reports for September are due to be released on Tuesday, along with the pending home sales data for October.
  • Asian markets ended Tuesday’s trading session on a largely positive note, with the TWSE Capitalization Weighted Stock index leading with gains of 1.52%.

U.S. stocks appear set for a negative opening on Tuesday as investors await the release of economic data ahead of the Thanksgiving holiday.

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Wall Street will keep an eye on Tuesday’s economic data, including the September retail sales report, the Producer Price Index (PPI), consumer confidence, and pending home sales.

Futures Edge Lower

While Dow Jones futures were down by 0.17% at the time of writing, the S&P 500 futures fell 0.22%, while the tech-heavy Nasdaq 100’s futures declined 0.32%. Futures of the Russell 2000 index were down by 0.14%.

Meanwhile, the SPDR S&P 500 ETF (SPY) was down 0.06% at the time of writing; Invesco QQQ Trust (QQQ) declined 0.19% on Tuesday morning; and SPDR Dow Jones Industrial Average ETF Trust (DIA) fell 0.05%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.

Asian Markets Largely Positive

Asian markets ended Tuesday’s trading session on a largely positive note, with the TWSE Capitalization Weighted Stock index leading with gains of 1.52%, followed by the Shanghai Composite at 0.86%, the Hang Seng index at 0.85%, and the KOSPI at 0.3%.

The Nikkei 225 index edged lower by 0.01%.

Stocks To Watch

  • Alphabet Inc. (GOOG) (GOOGL), Meta Platforms Inc. (META): Meta Platforms is in talks with Alphabet’s Google for its Tensor Processing Units (TPU), according to a report by The Information. Alphabet’s Class A shares were up nearly 4% pre-market, while Meta’s shares edged 0.1% lower.
  • Nvidia Corp. (NVDA), Advanced Micro Devices Inc. (AMD): Nvidia and AMD shares were down nearly 4% each pre-market on reports that Meta is considering purchasing Google’s TPU chips. The deal could eat into the market share of Nvidia and AMD.
  • Broadcom Inc. (AVGO): Broadcom shares were up more than 2% pre-market amid reports of Meta considering the purchase of Google’s TPU chips. Google is a major customer of Broadcom’s application specific integrated circuits (ASIC) business and it also helps in designing and manufacturing Google’s TPU chips.
  • Alibaba Group Holding (BABA): Alibaba’s American Depository Receipts (ADR) rose more than 4% pre-market after the company’s second-quarter (Q2) earnings beat Wall Street expectations. Alibaba reported revenue of $34.8 billion, compared to analyst estimates of $34.4 billion, according to Stocktwits data.
  • Castor Maritime Inc. (CTRM), Cleanspark Inc. (CLSK), and Best Buy Co. Inc. (BBY) are among the companies scheduled to report their latest quarterly earnings on Tuesday.

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