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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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.