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NVDA OpenAI Investment, MU Earnings, Powell Speaks
Tom White
September 23, 2025
U.S. stock futures are relatively flat in premarket trading after settling at more record highs. The benchmark S&P 500 (SPX), Nasdaq-100 (NDX) and Dow Index ($DJI) are at all-time highs.
Stocks were initially weak on Monday before turning positive after Nvidia (NVDA) shares jumped nearly 4% higher on the back of an announcement from the chipmaker that it will invest $100 billion in OpenAI for the buildout of data centers.
Investors will watch PMI data today along with more Fedspeak, including comments from Fed Chair Powell this afternoon at a conference in Rhode Island.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are up 1.1% at $63 a barrel even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement to restart an oil pipeline.
Gold (/GC) – Gold futures are up 1% near $3815, another fresh record high, bolstered by increased expectations of further U.S. rate cuts, as investors awaited Federal Reserve Chair Jerome Powell’s speech later in the day for further policy cues.
Bitcoin (/BTC) – The Crypto Future is up 0.8% near 113,000 in premarket trading.
VIX – The CBOE Volatility Index was up 4.2% on Monday and settled at 16.10 despite a rise in stocks to more record highs.
U.S. Dollar (/DX) – The dollar is flat at just below 97.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
KVUE | Kenvue | +4.60% |
BA | Boeing | +2.32% |
PLTR | Palantir | +1.41% |
AZO | AutoZone | -2.09% |
VST | Vistra | -2.03% |
REGN | Regeneron | -1.79% |
Economic Data
Time | Event |
|---|---|
9:00AM ET | Fed’s Bowman Speaks |
9:45AM ET | PMI Composite |
9:50AM ET | Trump Addresses U.N. |
10:00AM ET | Fed’s Bostic Speaks Richmond Fed Mfg. Index |
12:35PM ET | Fed’s Powell Speaks |
1:00PM ET | 2-Year Note Auction |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
AZO | AIR, MU, MLKN, WOR | CTAS, THO, UEC | FUL, KBH, SCS, SFIX, WS |
Upgrades/Downgrades
Guggenheim upgrades Johnson & Johnson (JNJ) to Buy from Neutral
Wells Fargo upgrades CoreWeave (CRWV) to Overweight from Equal Weight
Bernstein upgrades United Rentals (URI) to Outperform from Market Perform
Jefferies downgrades Vistra (VST) to Hold from Buy
KeyBanc downgrades Lam Research (LRCX) to Sector Weight from Overweight
Baird downgrades Lululemon (LULU) to Neutral from Outperform
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