Stock futures rise ahead of the release of U.S. inflation data for September. Fisker reports Q3 loss, Tesla sees pre-market gains, Nvidia extends winning streak, Teck Resources surges, Home Depot set to announce Q3 earnings.
Stock futures are on the rise today as Wall Street anticipates the release of the consumer price index (CPI) for September. The market expects the CPI to show a decrease in U.S. inflation due to lower gasoline prices.
Electric-vehicle manufacturer Fisker (FSR) experienced a 14% decline in stock value after reporting a larger-than-anticipated loss for the third quarter. Additionally, the company's sales of $71.8 million fell short of the estimated $143.1 million. Fisker did not provide full-year production guidance alongside its Q3 results, unlike its previous announcement of plans to produce 20,000 to 23,000 units in 2023.
Tesla (TSLA) saw a 1.8% increase in premarket trading, reaching $227.69 per share following a 4.2% gain in Monday's session. These gains bring the price up by $18 from last Thursday's closing value. HSBC analyst Michael Tyndall recently launched coverage of Tesla with a "Sell" rating and a price target of $146.
Nvidia (NVDA) witnessed a 0.8% increase after closing 0.6% higher on Monday, marking its ninth consecutive session of gains. This winning streak is the longest for Nvidia since December 27, 2016. The computer hardware company also unveiled its latest artificial-intelligence chip on Monday.
Teck Resources (TECK) experienced a 3.9% surge in stock value as Glencore purchased a 77% stake in the Canadian miner's steelmaking coal business for $6.93 billion.
Home improvement retailer Home Depot (HD) will report its third-quarter earnings before the stock market opens today. Analysts predict a 3% year-over-year decline in sales, totaling $37.6 billion. Earnings per share are forecasted at $3.75, down from $4.24 in the previous year. Home Depot's shares rose 0.3% ahead of the earnings report.
In addition to Home Depot, several other companies are expected to release their earnings reports today. These include On Holding (ONON), Energizer Holdings (ENR), Canadian Solar (CSIQ), and Paysafe (PSFE).
Remember to keep an eye on the market as these reports may impact stock prices throughout the day.
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