Stock futures showed little movement this morning following a robust trading day yesterday, when major market indexes reached record highs for the third consecutive session. Futures associated with the Dow Jones Industrial Average experienced a slight uptick of 0.1%, while contracts tied to the S&P 500 and Nasdaq were down modestly. Investors remain attentive to upcoming comments from Federal Reserve Chair Jerome Powell, particularly in the wake of last week’s initial interest rate cut of the year. In broader market developments, gold futures achieved another record, trading around $3,820 an ounce, and Bitcoin saw a modest increase, standing at approximately $113,000. The yield on the 10-year Treasury note recently recorded a decrease to 4.12%, down from 4.15% at the prior day’s close.
In corporate news, Nvidia (NVDA) has captured investor interest following its announcement of a staggering $100 billion investment in OpenAI, the organization behind ChatGPT. The announcement incited a nearly 4% surge in Nvidia shares yesterday, prompting positive movement among other semiconductor stocks as well. Nvidia’s CEO, Jensen Huang, described the partnership as a significant advance towards harnessing greater intelligence, with an anticipated deployment of 10 gigawatts of power expected to kick off in the latter half of next year. However, shares of Nvidia were down by about 1% in premarket trading.
Micron Technology (MU) is also poised to make headlines later today as it prepares to unveil its earnings report, with analysts forecasting strong growth. Given its partnership with Nvidia, Micron is anticipated to benefit from elevated data center sales driven by artificial intelligence demand. Analysts from Visible Alpha predict a remarkable increase in adjusted earnings per share, which they estimate will exceed $2.82, while quarterly revenue could surge by 43% year-over-year to approximately $11.12 billion. Micron’s stock has recently reached new heights, with shares gaining over 1% prior to market opening.
Boeing (BA) is witnessing an uptick in share price following the announcement of its largest order to date: a potential sale of up to 22 787 Dreamliners to Uzbekistan Airways, a deal believed to support around 35,000 jobs. Notably, former President Donald Trump indicated that the deal amounts to over $8 billion, following a recent conversation he had with Uzbekistan’s President Shavkat Mirziyoyev. Additionally, negotiations between the U.S. and China regarding a significant aircraft order from Boeing are reportedly in their final stages. Boeing’s recent second-quarter deliveries exceeded analysts’ estimates, confirming progress under new leadership, with shares rising over 2% in premarket trading.
Lastly, the Organization for Economic Cooperation and Development (OECD) has updated its growth forecast for the U.S. economy, projecting that U.S. GDP growth will remain strong in 2025 due to investments in artificial intelligence. However, the OECD cautioned that tariffs and declining immigration numbers are expected to slow growth in 2026. Although the projected annual real GDP growth for 2025 has increased to 1.8% from an earlier forecast of 1.6%, growth is anticipated to reduce to just 1.5% in the following year. The OECD emphasized that while AI investments are driving positive economic outcomes, they are insufficient to offset the negative impacts of increased tariffs and decreased immigration.
