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Triple Witching, NVDA Deals
Rick Ducat, CMT
September 19, 2025
Triple Witching Friday is off to a quiet start, with stock futures little changed after markets grinded out new highs yesterday.
Nvidia (NVDA) spent more than $900 million on a deal with the artificial intelligence startup Enfabrica to hire its CEO and other employees as well as license its technology.
Meanwhile, FedEx (FDX) is up more than 1.5% after earnings, as the shipping giant brought back its 2026 guidance after choosing to not give a full-year outlook during its last report.
The docket for earnings and ecodata is light today, so looking ahead to next week traders have the Chicago Fed National Activity Index on Monday, while the next notable earnings are on Tuesday, Sept. 23 with Micron Technology (MU) and AutoZone (AZO).
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down 0.4% to just above $63.
Gold (/GC) – Gold futures are flat near $3,680 after yesterday’s -0.44% decline.
Bitcoin (/BTC) – The cryptocurrency futures are down about -1% near 116,560, reversing much of yesterday’s +1.7% rally.
VIX – Volatility remains muted, with the VIX closing at 15.7, almost unchanged from the previous day.
U.S. Dollar (/DX) – The greenback is up +0.4% around 97.3, continuing a two-day rally after hitting 52-week low.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7:15 AM ET) |
|---|---|---|
ALB | Albemarle | +1.64% |
FTNT | Fortinet | +1.49% |
AAPL | Apple | +1.19% |
MU | Micron | -2.76% |
LEN | Lennar | -2.57% |
DHI | D.R. Horton | -1.00% |
Economic Data
Time | Event |
|---|---|
All Day | Triple Witching |
1:00PM ET | Baker Hughes Rig Count |
2:30PM ET | Fed’s Daly Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Monday | Postmarket Monday |
|---|---|---|---|
None | None | None | None |
Upgrades/Downgrades
Baird upgrades Tesla (TSLA) to Outperform from Neutral
Benchmark upgrades Intel (INTC) to Buy from Hold
Berenberg upgrades Stellantis (STLA) to Buy from Hold
Citi downgrades Intel (INTC) to Sell from Neutral
BMO Capital downgrades UPS (UPS) to Market Perform from Outperform
Piper Sandler downgrades MetLife (MET) to Neutral from Overweight
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