view original
postUS stock futures turned higher Friday after the week’s latest bout of turbulence, while bitcoin kept tumbling to hit a multimonth low as AI worries continued to weigh on investors.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%, while those on the S&P 500 (ES=F) gained 0.5%. Dow Jones Industrial Average futures (YM=F) led the way higher, gaining 0.7%. Stocks closed sharply lower on Thursday in a remarkable turnabout.
US equities perked up in premarket after the New York Fed president, John Williams, said Friday he sees room for a cut in the “near term.” That led rate-cut bets for the Fed’s next meeting to spike, with almost 70% of bets on a December cut, a reversal from Thursday. Williams’ remarks come amid evidence of a deeply divided Fed heading into its final meeting of 2025.
While stocks are seesawing, cryptocurrencies are feeling even greater heat — signs that the risk-off mood still haunts markets. Bitcoin (BTC-USD) sank on Friday to trade as low as $82,000, deepening a slide from record-high levels just more than a month ago. It is now heading for its worst month since the crypto collapse of 2022.
It’s shaping up to be a rocky month on Wall Street, too, with the S&P 500 (^GSPC) headed for its worst November since 2008 amid mounting concerns over an AI-fueled “bubble.” Not even Nvidia (NVDA) and its CEO, Jensen Huang, could allay those fears after its blowout earnings reveal on Wednesday.
Read more: Live coverage of corporate earnings
The major US gauges are also facing weekly losses across the board. The S&P 500 and Nasdaq Composite (^IXIC) are on track for declines of over 2% and 3%, having ended Thursday their lowest levels since September. The blue-chip Dow (^DJI) faces a drop above 3%, too.
On Friday, investors will get a final read of November consumer confidence from the University of Michigan, after the preliminary reading found the measure near a three-year low. Other Fed officials are also set to speak, perhaps offering further clarity on the central bank’s rate path.
LIVE 8 updates
-
Netflix, Comcast, Paramount formally submit bids to acquire Warner Bros. Discovery
Netflix (NFLX), Comcast (CMCSA), and Paramount (PSKY) have formally submitted takeover bids for Warner Bros. Discovery (WBD), multiple outlets reported Thursday evening.
Paramount’s offer was the only one aiming to acquire Warner Bros. Discovery in its entirety, according to people familiar with the matter, while Comcast and Netflix are interested in acquiring the company’s studio and streaming business, which houses franchises such as Batman.
As Warner Bros. Discovery considers the first round of what it previously said were “unsolicited” offers, it remains on track to split into two companies — one with its global television network and another with its studio and streaming unit — by mid-2026.
Shares of Warner Bros. Discovery, which gained 0.6% in premarket trading, are pacing for gains of 25% over the past month. Year to date, the stock has risen a staggering 116%.
Read more here from Bloomberg.
-
Good morning. Here’s what’s happening today.
-
Chip stocks ricochet as investors wrestle with AI doubts
Global chip stocks bounced around after a bruising day on Wall Street as doubts crept in about the artificial intelligence future and whether a bubble may be about to burst.
Shares of Nvidia (NVDA), the leader of the pack, fell another 1.2% earlier in premarket trading but then stemmed those losses to trade roughly flat. The stock is still well off the initial 5% bounce it saw after reporting what was broadly regarded as a solid earnings report on Wednesday.
Taiwan Semiconductor (TSM) declined about 1%, while South Korea-based SK Hynix (000660.KS) fell 8%, and Samsung Electronics (005930.KS) shed 5%. In Europe, ASML (ASML) fell over 5%.
In the US, chip designer Broadcom (AVGO) also pared losses to trade roughly flat. Meanwhile, Micron (MU) climbed 0.3% after suffering a loss of over 10% on Thursday. AMD (AMD) stock added 0.2%.
Intel (INTC) also rose after the company’s CEO, Lip-Bu Tan, downplayed reports that a recent company hire took intellectual property from TSMC.
-
BJ’s Wholesale Club shares rise as earnings top estimates
BJ’s (BJ) stock rose 4% before the bell on Friday after reporting third quarter fiscal 2025 earnings that beat analysts’ expectations. The wholesale club operator raised its full-year profit outlook on the strength of its membership income and posted adjusted earnings per share of $1.16, beating the analyst consensus of $1.10.
Investing.com reports:
Read more here.
-
Premarket trending tickers: Intuit, Ross Stores and Strategy
Intuit (INTU) stock rose 3% before the bell on Friday. The software company posted better-than-expected results, reporting $3.89 billion in revenue for the quarter, representing a year-over-year increase of 18.3%.
Ross Stores (ROST) stock jumped 3% in premarket trading after raising its full-year earnings guidance as same-store sales jumped in the third quarter.
Strategy (MSTR) stock fell 4% before the bell on Friday. Bitcoin (BTC-USD) continued to fall this week and dropped around 10% on Friday. It’s also on track for its worst monthly performance since 2022. Strategy is one of the largest corporate holders of bitcoin.
-
Gap stock pops on raised outlook, strength in core brands
Gap (GAP) stock rose 4% before the bell on Friday after the apparel company topped earnings expectations and delivered an upbeat outlook.
The retailer reported earnings per share of $0.62, which surpassed estimates, and $3.9 billion in revenue as same-store sales grew 5% year over year. Wall Street was expecting $3.9 billion in revenue and $0.59 per share in earnings, according to S&P Global Market Intelligence.
Gap’s three core brands — the namesake Gap brand, Old Navy, and Banana Republic — showed strength during the quarter, while athleisure brand Athleta was the clear laggard. Same-store sales at Gap rose 7% year over year, sales at Old Navy rose 6%, and sales at Banana Republic rose 4%. Athleta’s same-store sales, meanwhile, dropped 11%, as Gap said it’s applying a “reinvigoration playbook” to the brand.
Gap also raised the lower end of its full-year revenue forecast. It now sees 1.7% to 2% top-line growth, up from its previous guidance of 1% to 2%.
“The strength of our third quarter and quarter-to-date performance positions us well for the holiday selling season and gives us the confidence to increase our full year net sales outlook to the high end of our prior guidance range and raise our full year operating margin outlook,” CEO Richard Dickson said in a statement.
-
BofA: Tech stocks still set for record $75 billion inflow in 2025
Reuters reports:
Tech stocks remain on track for a record $75 billion inflow this year, BofA’s weekly flow show note said on Friday, highlighting demand for the sector even as it comes under pressure from concerns about lofty valuations.
Tech stocks have been on a surge for much of this year, and the Nasdaq (^IXIC) has risen around 14% and hit an all time high in late October. But they have since stumbled and the tech-heavy index dropped 2% on Thursday.
Nonetheless, tech stocks also saw a $4.4 billion inflow in the week to Wednesday, BofA said in their weekly round up of flows in and out of world markets.
Elsewhere, it said crypto funds saw a weekly outflow of $2.2 billion, the second largest outflow on record.
-
Bitcoin heading for worst month since crypto collapse of 2022
Bitcoin (BTC-USD) was trading 9% lower at around $84,000 early Friday morning, on track for its worst monthly performance since a string of corporate collapses rocked the wider crypto sector in 2022.
Bloomberg reports:
Read more here.
