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GOOGL Hits Record Highs on AI News

U.S. stock futures are relatively flat in premarket trading after another ‘Risk-On’ day for equities to kick off the holiday-shortened week.
Stocks posted strong gains across the board on Monday led by fresh record highs for Alphabet (GOOGL). The Google-parent is extending those gains today on the back of a report that Alphabet is picking up the pace of its efforts to compete directly with Nvidia (NVDA) for use of its AI-use semiconductors.
Investor focus today will be on data with delayed reports due on September Retail Sales and PPI along with Consumer Confidence numbers. Traders will also focus on earnings from Zoom Video (ZM), Alibaba (BABA) and Best Buy (BBY).
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down 2.0% near $57.60 a barrel as concerns supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain incomplete.
Gold (/GC) – Gold prices are up 1.0% near $4170. It hit its highest level in more than a week, brushing off a firm dollar, after dovish comments from Fed policymakers revived prospects of a U.S. rate cut in December.
Bitcoin (/BTC) – The Crypto Future is down 1.7% near 87,600 in premarket trading.
VIX – The CBOE Volatility Index fell 12.4% on Monday and settled at 20.52 as stocks rallied.
U.S. Dollar (/DX) – The dollar is down slightly, just below 100.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
KEYS | Keysight Tech | +13.47% |
GOOGL | Alphabet | +4.32% |
AVGO | Broadcom | +3.23% |
AMD | AMD | -3.98% |
NVDA | Nvidia | -3.71% |
A | Agilent Tech | -1.99% |
Economic Data
Time | Event |
|---|---|
8:30 AM ET | PPI - Final (Delayed) Retail Sales |
9:00 AM ET | Case-Shiller Home Prices FHFA House Price Index |
10:00 AM ET | Business Inventories (Delayed) Consumer Confidence Pending Home Sales Richmond Fed Mfg. Index |
1:00 PM ET | 5-Year Note Auction |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
ANF, BABA, AMTM, ADI, BBY, BURL, DKS, SJM, KSS, NIO, PONY, TITN | AMBA, ADSK, CLSK, DELL, GES, HPQ, NTAP, NTNX, PD, WOOF, URBN, WDAY, ZS | DE, LI | None |
Upgrades/Downgrades
UBS upgrades Applied Materials (AMAT) to Buy from Neutral
Citi upgrades Brinker (EAT) to Buy from Neutral
UBS upgrades Cummins (CMI) to Neutral from Sell
Rothschild & Co. Redburn downgrades Estee Lauder (EL) to Sell from Neutral
Jefferies downgrades TD Bank (TD) to Hold from Buy
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