The S&P 500 futures are down eight points, the Nasdaq 100 futures are down 30 points, and the Dow Jones Industrial Average futures are down 110 points.
Participants are waiting on the August Consumer Price Index (CPI) at 8:30 ET. Early trading features a negative bias driven by pre-open losses in some mega caps and chipmakers.
Investors are also digesting last night's presidential debate. 63% of people who watched the debate said that VP Kamala Harris performed better than former President Trump, according to CNN .
The 10-year note yield is down three basis points to 3.62% and the 2-year yield is down three basis points to 3.58%.
In corporate news:
Today's News
GameStop Corp. (GME, Financial) experienced a sharp decline in premarket trading after releasing its Q2 earnings report. Revenue fell 31.2% year-over-year to $798.3 million, while EPS was $0.01, surpassing the -$0.09 consensus but still reflecting operational challenges. The company is evaluating its international assets and optimizing its store portfolio to eliminate redundancies and underperforming assets.
Berkshire Hathaway (BRK.B, BRK.A) has sold shares worth $228.7 million in Bank of America (BAC, Financial), reducing its stake by over 16% to approximately 858.2 million shares. Despite the sell-off, Berkshire remains the largest shareholder of Bank of America. Shares of BAC dropped 1.22% in premarket trading following the disclosure.
Viking Therapeutics (VKTX, Financial) saw a premarket boost as J.P. Morgan initiated coverage with an Overweight rating, highlighting an upcoming early-stage trial readout for its oral obesity therapy VK2735. The analyst's positive outlook is based on the drug's competitive efficacy and minimal side effects, with a price target of $80 set for the stock.
Airline fares in the U.S. rose 3.9% in August after a five-month decline, according to the Bureau of Transportation Statistics. Citigroup analysts believe the potential for lower interest rates this fall could benefit highly leveraged carriers like JetBlue (JBLU, Financial) and American Airlines (AAL, Financial), providing a bullish outlook for the sector.
Morgan Stanley has made Arm Holdings (ARM, Financial) its new large-cap Top Pick, citing the company's role in mobile recovery and new edge AI opportunities. The firm maintained an Overweight rating and a $175 price target, expecting Arm's royalties to expand significantly driven by mobile and medium-term momentum in autos and infrastructure.
Ford Motor Company (F, Financial) is exploring the possibility of restarting production in India, engaging in discussions with Tamil Nadu state officials. The company is looking for suitable alternatives for its Chennai plant, signaling a potential renewed commitment to the Indian market.
Novo Nordisk (NVO, Financial) released full results from an early-stage trial for its experimental weight-loss pill, amycretin, which showed promising results comparable to its existing obesity products. The drug targets both GLP-1 and amylin, with patients losing 13.1% of their starting weight in a 12-week trial.
Dave & Buster's Entertainment (PLAY, Financial) saw its stock rise by over 12% after posting mixed Q2 results. Despite missing revenue estimates, the company exceeded profit expectations due to effective cost management, resulting in an 8.1% increase in adjusted EBITDA.
GuruFocus Stock Analysis
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