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Stock futures rebound after down week as Nvidia, chip shares jump: Live updates
Stock futures rose Monday as chipmakers and technology stocks jumped to start another shortened trading week.
Futures tied to the S&P 500 were up about 0.7%. Nasdaq-100 futures advanced 0.9%. Dow Jones Industrial Average futures climbed 125 points, or 0.3%.
Chip stocks led the early gain after Foxconn announced record fourth-quarter revenue. Nvidia and Broadcom rose more than 1.5% and 2.5% each, respectively, while Micron Technology advanced 5%.
Also aiding market sentiment on Monday is a Washington Post report saying President-elect Donald Trump’s tariff plan would be narrower than anticipated. According to the report, the levies would only cover critical imports. Trump called for “universal” tariffs as high as 10%-20% during his campaign.
Investors are entering another shortened trading week – which will wrap the next of the first five January trading days – on a wobbly note and with lingering concerns about the Federal Reserve’s interest rate projections. The New York Stock Exchange will be closed Thursday to mourn the death of former President Jimmy Carter.
Traders will be looking for clues about the strength of the economy and the sturdiness of Fed rate plans. Callie Cox, chief market strategist at Ritholtz Wealth Management, said the week ahead could be another opportunity for traders to recalibrate their expectations.
“Data shows us that unemployment is climbing and people are having a hard time finding jobs. There are cracks in hiring that could re-appear at any time,” she told CNBC. “It’ll be important to watch yields too. The 10-year yield is near a high of 4.6%, and jobs days have rattled bond investors in the past.”
The December jobs report is due out Friday and will be one of the last key pieces of data before the Fed meeting at the end of this month. Investors are also watching the Job Openings and Labor Turnover Survey (JOLTS) Tuesday and December ADP Employment Survey Wednesday.
Constellation Brands, Walgreens Boots Alliance and Delta Air Lines will also report earnings toward the end of the week.
American Airlines, FuboTV among the stocks making moves before the bell
Some stocks are making big moves in the premarket:
- American Airlines – Shares gained more than 4% after TD Cowen upgraded the airline to a buy from a hold rating and lifted its price target to a Wall Street high. The new target implies roughly 47% upside from Friday’s close.
- FuboTV – The streaming provider rose more than 60% after the company neared a deal to combine its online live TV businesses with Walt Disney, according to a Bloomberg report. The new venture, which will include Disney’s Hulu + Live TV business, will be 30% owned by Fubo and 70% by Disney and form the second-largest digital pay-TV provider after YouTube TV, Bloomberg said, citing sources familiar with the matter.
- Boeing – The aircraft stock added about 2% before the opening bell after an upgrade to overweight at Barclays. Analyst David Strauss said a tough 2024 for Boeing stock could give way for a rebound in the new year on strong deliveries and production.
Read the full list here.
— Sean Conlon
Trump reportedly eyes narrower tariff plans, auto stocks jump
President-elect Donald Trump is reportedly planning to narrow his tariff plans to target only certain important sectors, instead of all imports, the Washington Post reported, citing people familiar with the matter.
Two weeks before he takes White House, Trump is discussing plans to pare back some of the sweeping, universal tariffs he vowed to implement on the campaign trail, the Post reported. Instead, he is aiming to impose duties on sectors that are viewed critical to national or economic security, the newspaper reported, adding that the discussions are not final.
Shares of automakers jumped in premarket in a relief rally. Ford and General Motors climbed more than 2% each, while Stellantis NV surged 7% in early trading.
— Yun Li
FuboTV soars more than 40% in premarket trading on new Disney deal
Shares of streaming provider FuboTV rallied roughly 42.5% in Monday’s premarket trading hours after the company neared a deal to combine its online live TV businesses with Walt Disney, according to a Bloomberg report.
The new venture, which will include Disney’s Hulu + Live TV business, will be 30% owned by Fubo and 70% by Disney, Bloomberg said, citing sources familiar with the matter. Going forward, Fubo will also drop its anti-competitive litigation against Disney, Fox and Warner Bros. over Venu Sports.
If talks don’t fall apart, sources expect the new transaction to be announced as soon as this week. This combined business would form the second-largest provider of digital pay-TV after YouTube TV.
Shares of Disney were trading less than 0.5% higher on Monday morning.
— Lisa Kailai Han
Bernstein lifts Microsoft price target
Microsoft shares have even more room to run, according to Bernstein.
Analyst Mark Moerdler upped his price target on the tech giant by $5 to $516, which now implies shares can rally 21.9% over the next year. Moerdler also has a buy rating.
“Microsoft has become far less crowded over the last year due to investors’ concerns about [capital expenditures] and the ability of MSFT to convert [capital expenditures] to revenue,” Moerdler told clients in a Monday note. “Those concerns are about to abate.”
Microsoft shares added around 1% before the bell on Monday. In 2024, Microsoft notched its 12th winning year of the last 13.
— Alex Harring
Chip stocks rise on Foxconn’s record fourth quarter
Chip stocks rose broadly on Monday after Foxconn reported a record fourth-quarter revenue. Nvidia and Broadcom rose 2% each, while Micron Technology advanced 4.3%. Advanced Micro Devices climbed nearly 3%. The VanEck Semiconductor ETF (SMH) was up 2.5%.
Semiconductors are coming off a banner year, as demand for computing power due to artificial intelligence showed little sign of slowing.
— Fred Imbert
Henry Schein pops following BofA double upgrade
Henry Schein shares rose more than 2% in Monday’s premarket following a rare double-upgrade from Bank of America.
Analyst Allen Lutz raised his rating to buy from underperform. Lutz also hiked his price target by $15 to $84, which now suggests 21.6% upside over where the stock finished Friday’s session.
“We think HSIC stands out as a best-of-breed dental asset strategically positioned to compound EPS at healthy rates,” Lutz told clients, noting that was something the company had done for a decade before the Covid pandemic.
Lutz called Henry Schein “strategically positioned” to win within the dental space over the longer term. He also noted that multiple headwinds the company faced are starting to mitigate.
Still, Lutz’s call comes amid a rough period shares. The stock finished 2024 down more than 8%, marking its second losing year in a row.
— Alex Harring
Europe stocks open higher
European stock markets opened broadly higher Monday, with the Stoxx 600 index up 0.29% at 8:15 a.m. in London.
France’s CAC 40 index jumped 0.77% as Germany’s DAX gained 0.4%. The U.K.’s FTSE 100 bucked the trend to dip 0.1%.
— Jenni Reid
China stocks hit over 3-month low as most Asia markets decline
Asia-Pacific markets mostly fell on Monday as investors assessed business activity figures from several key economies in the region.
Stocks in mainland China hit their lowest level in just over three months, with the CSI 300 losing 0.16% on Monday and closing at 3,769. China’s Caixin services purchasing managers’ index from S&P Global rose to 52.2 in December — the service sector’s fastest expansion since May 2024.
Japan’s Nikkei 225 led losses among major markets, falling 1.47% to 39,307.05, while the Topix was down 1.02% to 2,756.38.
In contrast, the South Korean Kospi was up 1.91% and among the largest gainers in Asia. The small-cap Kosdaq gained 1.73%.
— Lim Hui Jie
Crypto under pressure after bitcoin and ether post best weeks since Dec. 6
Bitcoin and ether are coming off their best weeks since Dec. 6, after they turned in their first positive weeks in four on Friday. They each gained about 4% for the week. On Sunday night they were lower by less than 1% each, according to Coin Metrics.
Solana had its best week since November 22nd, notching a more than 4% weekly gain. It traded lower by 1.25% Sunday night.
— Tanaya Macheel, Gina Francolla
Stock futures open little changed
U.S. equity futures opened little changed Sunday evening.
Futures tied to the Dow Jones Industrial Average were unchanged. S&P 500 futures added 4 points, or 0.08%, and Nasdaq 100 futures inched higher by 0.09%.
— Tanaya Macheel