US Market Preview | TSLA Soared 80% From Low, Top Holding by Cathie Wood; TSM Q2 Sales Beat; AVGO Preps for Stock Split
M+ Global Updates 10/07/2024 17:52

Key Takeaways

  • UniCredit: Fed near rate cut.
  • S&P 500 records high post-Powell testimony.
  • Short sellers profit despite stock rally.
  • Broadcom preps for stock split.
  • TSMC’s Q2 sales topped estimates.
  • Baidu’s robotaxi expansion boosts stock.

I. Market Report

Stock futures inched up on Wednesday afternoon after the S&P 500 notched a fresh record close.

As of 08:25 am, EST (or 20:25 in Malaysia), futures connected to the Dow Jones Industrial Average dipped 28 points or 0.07%. S&P 500 futures and Nasdaq-100 futures climed 0.25% and 0.39% respectively.

II. Market Movers

As of 08:25 am, EST (or 20:25 in Malaysia), top pre-market movements are as follows:

Ticker Chg. Company
VVPR 92.94% $VivoPower International PLC VVPR$
NAAS 61.53% $NaaS Technology Inc. NAAS$
AP 58.19% $Ampco-Pittsburgh Corporation AP$
ZAPP -21.68% $Zapp Electric Vehicles Group Ltd Ordinary Shares ZAPP$
AFCG -23.15% $AFC Gamma, Inc. AFCG$
LZ -28.29% $, Inc LZ$

Note: We are pleased to inform you that our app now supports pre/after-market trading for US stocks. The trading hours for these sessions are as follows:

  • Pre-market: 16:00 to 21:30 in Malaysia
  • After-hours market: 04:00 to 08:00 the next day in Malaysia

Please note that regular trading hours are from 21:30 to 04:00 UTC.

III. Flash Headlines

UniCredit: Fed Nearing Interest Rate Cuts

UniCredit Bank wrote in Today's Market that yesterday, Powell hinted in his testimony that the Fed is close to cutting interest rates, although he declined to comment on the timing of future actions. Read in detail>>

S&P 500 Hits New High After Powell Testimony, Fear & Greed Index in 'Neutral'

US stocks closed mixed on Tuesday, with the S&P 500 hitting fresh record as Federal Reserve Chairman Jerome Powell issued positive comments on the economy and the job market during his semiannual testimony before the Senate Banking Committee. Data on consumer price index for June will be released on Thursday, while producer price index data will be released on Friday. Read in detail>>

US Stock Rally Fails to Deter Short Sellers from Profitable Q2 Bets

Short sellers made US$10 billion in paper gains in the second quarter, according to S3 Partners LLC. Paper gains in sectors such as industrials, health care and financials offset US$15.7 billion in mark-to-market losses in the technology sector, said Ihor Dusaniwsky, managing director of S3’s predictive analytics division. Read in detail>>

Morgan Stanley: US Credit Not Cheap, Look Elsewhere for Investment Opportunities

Morgan Stanley Analysts at the research department said in a report that US corporate bonds are not cheap, and there are better investment opportunities in securities, emerging and European credit markets. Read in detail>>

Japanese Government Bonds Drop as Banks Urge BOJ to Slash Bond Purchases

Japanese government bonds fell after reports that Japan's top banks called on the Bank of Japan to slash its monthly bond purchases. The benchmark 10-year Japanese government bond yield rose 1.3 basis point to 1.088% as of 06:36 EST. Read in detail>>

IV. Stocks to Watch

Broadcom Gears Up For Stock Split With Clear Bullish Indicators

Broadcom Inc. ($Broadcom Limited AVGO$) is gearing up for its highly anticipated 10-for-1 stock split on July 12. Following in the footsteps of recent splits by Nvidia Corp ($NVIDIA Corporation NVDA$) and Chipotle Mexican Grill ($Chipotle Mexican Grill, Inc. CMG$), Broadcom aims to make its soaring stock more accessible to a broader range of investors. Read in detail>>

Oracle Stock Tumbles Yesterday as xAI Cuts Ties, Sources Nvidia Chips Directly

Oracle Corp ($Oracle Corporation ORCL$) shares are diving Tuesday afternoon after Elon Musk’s xAI ended talks with Oracle regarding a potential server deal. What To Know: According to a report from The Information, confirmed by Musk, Oracle and xAI have stopped discussions regarding a potential expansion of an existing arrangement in which Musk’s AI company would rent specialized NVIDIA Corp ($NVIDIA Corporation NVDA$) chips from Oracle. Read in detail>>

TSMC Gains Pre-Market as Q2 Sales Surge 40.1% YoY, Topping Estimates

TSMC ($Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR TSM$) rosebefore the market opened. Its Q2 sales volume in the second quarter was NT$673.51 billion, higher than market expectations (21 analysts predicted NT$654.27 billion) and up 40.1% from the same period last year. Read in detail>>

Tesla Rebounds Over 80% from Lows, Becomes Top Holding in Cathie Wood's Flagship Fund

Tesla Inc.‘s ($Tesla Motors, Inc. TSLA$) now accounts for about 15.4% of the ARK Innovation ETF ($ARK Innovation ETF ARKK$), according to compiled data, after the company's stock price rebounded more than 80% from its 2024 low set in April. This is even after the fund reduced its holdings of Tesla shares in recent weeks. Read in detail>>

Baidu Jumps Pre-Market on Deployment of 1,000 Robotaxis in Wuhan

Baidu ($Baidu, Inc. Sponsored ADR Class A BIDU$) closed up 8.47% yesterday and continued to rise pre-market today. On the news front, it is rumoured that Baidu's robotaxi department "Apollo Go" has deployed 1,000 driverless taxis in Wuhan, China. Read in detail>>

Lucid to Recall More Than 5,200 Air Vehicles in the US

According to reports, the National Highway Traffic Safety Administration (NHTSA) issued an announcement on July 9 that electric car manufacturer Lucid Group ($Lucid Group Inc Ordinary Shares LCID$) will recall approximately 5,251 2022 and 2023 Air luxury sedans in the United States due to software errors in the vehicles that may cause loss of power. Read in detail>>

Smart Money Is Betting Big In PEP Options

Deep-pocketed investors have adopted a bearish approach towards PepsiCo ($PepsiCo, Inc. PEP$), and it's something market players shouldn't ignore. The general mood among these heavyweight investors is divided, with 22% leaning bullish and 66% bearish. Among these notable options, 5 are puts, totaling US$182,828, and 4 are calls, amounting to US$150,418. Read in detail>>

V. Calendar


$WD-40 Company WDFC$
$PriceSmart, Inc. PSMT$
$AZZ Inc. AZZ$

Expected IPO:

$OS Therapies Inc. OSTX$

Please note that the timing of IPOs is subject to change at any time (including being advanced or delayed). Investors should therefore keep up-to-date with relevant news.


Time Event Previous Consensus Forecast
07:00 PM MBA 30-Year Mortgage Rate JUL/05 7.03%
07:00 PM MBA Mortgage Applications JUL/05 -2.60%
07:00 PM MBA Mortgage Market Index JUL/05 206.5
07:00 PM MBA Mortgage Refinance Index JUL/05 544.1
07:00 PM MBA Purchase Index JUL/05 142.9
10:00 PM Fed Chair Powell Speech
10:00 PM Wholesale Inventories MoM MAY 0.20% 0.60% 0.60%
10:30 PM EIA Crude Oil Stocks Change JUL/05 -12.157M -0.25M
10:30 PM EIA Gasoline Stocks Change JUL/05 -2.214M -1.90M
10:30 PM EIA Crude Oil Imports Change JUL/05 -0.555M
10:30 PM EIA Cushing Crude Oil Stocks Change JUL/05 0.345M
10:30 PM EIA Distillate Fuel Production Change JUL/05 0.204M
10:30 PM EIA Distillate Stocks Change JUL/05 -1.535M -0.30M
10:30 PM EIA Gasoline Production Change JUL/05 0.18M
10:30 PM EIA Heating Oil Stocks Change JUL/05 -0.572M
10:30 PM EIA Refinery Crude Runs Change JUL/05 0.26M
11:30 PM 17-Week Bill Auction 5.21%
01:00 AM +1 10-Year Note Auction 4.44%
02:30 AM +1 Fed Bowman Speech
02:30 AM +1 Fed Goolsbee Speech
07:30 AM +1 Fed Cook Speech

Finally, just a little reminder:

The regular trading hours for US stocks in the Daylight Saving Time (DST) are from 21:30 to 04:00+1 GMT+8, with pre-market trading available from 16:00 to 21:30.

Have a nice trading day!


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

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