Stock futures are indicating a mostly lower start to the trading week as investors brace for a packed schedule, including congressional testimony from Federal Reserve Chairman Jerome Powell and the release of the monthly U.S. jobs report.
New Additions to S&P 500
Exciting news for investors as Super Micro Computer and Deckers Outdoor are set to join the prestigious S&P 500 index on March 18. Super Micro, known for its servers aiding artificial intelligence applications, has seen a remarkable 219% surge in its stock price this year, with a 14% jump in premarket trading. Deckers, the company behind Hoka sneakers and Ugg boots, also experienced a solid 6.6% increase. These additions will replace Whirlpool and Zions Bancorp in the index.
Tech Giants on the Rise
Nvidia, the chip giant, saw a 1.3% uptick in premarket trading following its milestone achievement of surpassing a $2 trillion market cap. The company reached this milestone in just 180 trading days, outpacing Apple and Microsoft in the race to $2 trillion market cap.
Record Highs for Taiwan Semiconductor
Meanwhile, Taiwan Semiconductor Manufacturing hit a record high in Taipei, with shares surging 5.2% to NT$725. The world’s largest third-party chip manufacturer has seen an impressive 22% increase in its stock price since the start of the year. U.S.-listed shares of Taiwan Semiconductor were also up by 4.3% in premarket trading, reflecting positive investor sentiment.
Stay tuned for more updates as these key players continue to make waves in the market.
Macy’s Receives Increased Buyout Offer
Macy’s saw a significant rise of 12% to $20.13 following the announcement from Arkhouse Management and Brigade Capital regarding an increased offer to acquire the retailer. The private-equity firms upped their bid to $24 a share, totaling $6.6 billion. Macy’s had rejected a previous offer of $21 a share, or $5.8 billion, in late January. The company confirmed it has received the new offer and will be reviewing it in detail.
Li Auto Unveils New Electric Vehicle
American depositary receipts of Li Auto experienced a decline of 7.2% after the Chinese electric-vehicle maker introduced its latest offering, the Mega. This marks the company’s first high-voltage battery-electric vehicle, priced at 559,800 yuan (US$77,785), which slightly surpassed analysts’ expectations. Li Auto also reported a year-over-year increase in deliveries for February, reaching 20,251 vehicles.
Boeing in Talks to Acquire Spirit AeroSystems
Spirit AeroSystems witnessed a 2.2% increase in its stock following Boeing’s confirmation of discussions regarding the potential acquisition of the jet-fuselage supplier. Spirit AeroSystems was originally formed when Boeing divested some of its factories in 2005. Boeing expressed that the reintegration of their manufacturing operations with Spirit AeroSystems would enhance aviation safety, improve quality, and benefit customers, employees, and shareholders.
Upcoming Earnings Reports
Monday will see earnings reports from GitLab, AeroVironment, and Stitch Fix, presenting further insights into the financial performances of these companies.
Upcoming Earnings Reports
Keep an Eye Out for:
- Target
- Broadcom
- Costco
- Marvell Technology
- CrowdStrike Holdings
- Ross Stores
- NIO
- Box
- Nordstrom
- JD.com
- Campbell Soup
- Abercrombie & Fitch
- Kroger
- MongoDB
- Samsara
Stay tuned for more updates on these earnings reports.
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