U.S. stock futures are mixed as investors prepare for key inflation data to be released this morning. Following a recent downturn spurred by tech sector weakness, S&P 500 futures are edging higher, while Nasdaq futures are little changed, and Dow futures are slightly lower. Bitcoin is trading above $98,000, while gold and crude futures also are higher.
Yields on the 10-year Treasury note are higher at around 4.25% ahead of the inflation report. Investors are eagerly anticipating the 8:30 a.m. ET release of the November Consumer Price Index (CPI) report. Economists surveyed by The Wall Street Journal expect the annual inflation rate to increase slightly, up from 2.6% in October.
After a year of consistent decreases, the recent stall in the inflation rate could influence upcoming Federal Reserve decisions on interest rates. Graphics software maker Adobe is expected to report an increase in revenue and profit when it releases its quarterly results later today. Analysts tracked by Visible Alpha expect Adobe to report $5.54 billion in revenue for the quarter, with net profit projected at $1.63 billion, each about 10% above last year’s numbers.
Stocks mixed ahead of inflation data
Analysts remain optimistic about Adobe, citing enthusiasm over its AI products. Adobe stock is little changed in premarket trading.
Alphabet stock is edging higher in premarket trading, following a rise after the company unveiled its new quantum computing chip, Willow. This chip reportedly can complete computations in less than five minutes that would take current supercomputers about 10 septillion years. Sundar Pichai, Google’s CEO, described Willow as a significant milestone in the development of practical quantum computing applications, including drug discovery, fusion energy, and battery design.
General Motors announced it is discontinuing its Cruise robotaxi program due to high costs and scale challenges in a competitive market. This move is expected to save the automaker approximately $1 billion a year. GM will shift its focus to developing advanced driver assistance systems.
UBS analysts suggested that GM’s decision could be beneficial for Tesla, which also focuses on driver assistance technologies. Both GM and Tesla shares are more than 1% higher in premarket trading.
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
