Most Important News

• Musk's Wealth: Elon Musk hits US$500B net worth.
• Gold Hits High: Gold prices reach record amid Fed cut bets.
• Intel-AMD Talks: Intel in talks to make AMD chips.

US stock futures mixed Thursday; S&P 500 index(SPX.US) hit a new high as investors shrugged off the US government shutdown. S&P 500 futures rose 0.3%, Nasdaq 100 climbed 0.6%, while Dow Jones futures fell 0.04%.

As of 03:12 PM Riyadh Time, compare to the prices at 17:00:00 on the previous trading day, including any holiday-shortened sessions, the blue-chip Dow Jones Futures depreciate modestly by 12.0 points or 0.03% to 46,713, the broad-based S&P 500 Futures gain momentum by 17.75 points or 0.26% to 6,779, the tech-heavy Nasdaq Futures climb by 137.25 points or 0.55% to 25,155. (Data source: Wind Quant)

Occidental Petroleum Corporation(OXY.US) shares rose premarket after Berkshire Hathaway Inc. Class A(BRK.A.US) announced a US$9.7B deal to buy its OxyChem unit.

US indexes closed higher Wednesday, with S&P 500 index(SPX.US) hitting its 29th closing high. The shutdown began after lawmakers failed to agree on funding; prediction markets suggest it could last nearly two weeks.

As of 03:49 PM Riyadh Time, top pre-market movements are as follows:

US Stock Futures Mixed Amid Shutdown

Despite ongoing US gov't shutdown, confidence in Fed rate cuts has risen, outweighing shutdown's negatives, causing mixed gains/losses in US stock futures.

Musk Hits Historic 500B Net Worth

Elon Musk becomes the world's first billionaire with a net worth exceeding US$500 billion on October 2.

Gold Prices Hit Record High Amid Fed Cut Bets

Gold prices stabilized after five days of gains reaching record highs, driven by US government shutdown and increased bets on a Fed rate cut due to weak private sector jobs data.

Private Equity Funds Surge Past McDonald's Count

Private equity funds now outnumber McDonald's Corporation(MCD.US)'s locations globally, intensifying competition as industry giants bet on consolidation to eliminate weaker players in an oversaturated market.

US Job Cuts Drop 37% in September

US employers announced 54,064 job cuts in September, down 37% from August and 26% from last year, per Challenger, Gray & Christmas. 

Oil Prices Hit Four-Month Lows Amid OPEC+ and US Stocks Concerns

Crude oil futures fell for a third day due to potential OPEC+ production hike and a nearly 1.8 million barrel rise in US crude inventories last week.

Shutdown Hinders Fed's Economic Assessment

Chicago Fed President Austan Goolsbee states that the absence of official data during the US government shutdown complicates the Fed's ability to gauge the economy.

Summers Slams Fed Governor Milan's Rate Cut Theory

Former Treasury Secretary Lawrence Summers criticized Stephen Milan's (Fed Governor) debut speech, stating the large rate cut theory lacks analytical support.

Global Chipmakers Hit Record Highs in AI Boom

Global chipmakers' market capitalization surges by US$200 billion as investors flock to AI, signaling continued tech stock surge to record highs.

Intel in Talks to Make AMD Chips

Intel Corporation(INTC.US) is reportedly in preliminary discussions with Advanced Micro Devices, Inc.(AMD.US) to produce chips for AMD as a foundry customer.

Arm to Appeal Qualcomm Licensing Ruling

Arm Holdings(ARM.US) rose in early trading Wednesday, plans to appeal a ruling favoring Qualcomm (QCOM), which fell 0.6%, over legal use of Arm's architecture in custom CPUs.

Tesla's Sales Decline to Ease, Signaling Stability

Tesla Motors, Inc.(TSLA.US) quarterly sales decline is anticipated to narrow, suggesting its traditional business may be stabilizing, easing investor concerns. 

Reddit Shares Slide Amid ChatGPT Drop

Reddit(RDDT.US)'s stock fell 8% early Wednesday, extending a 5% drop, as data revealed a significant mid-September decline in ChatGPT's use of Reddit content.

Health Care Stocks Surge on Trump-Pfizer Deal

Investors welcomed a drug pricing pact between Trump and Pfizer Inc.(PFE.US), driving health care stocks to their largest rally in five years.

Amazon's Stock Appeal Fades Amid Cloud Rivalry

Amazon Web Services (Amazon.com, Inc.(AMZN.US)) generated over 50% of Q2 operating profit, but cloud competition is diminishing its stock appeal.

What's Next for Tesla Post-EV Credit?

With the US$7,500 Federal EV Credit ending on Oct 1, Ross Gerber warns of a tough period for Tesla Motors, Inc.(TSLA.US), while Gene Munster notes traditional automakers are in an awkward spot. Read in detail>>

JPMorgan Hikes Alibaba's Price Target to Record High

JPMorgan Chase raises Alibaba Group Holding Ltd. Sponsored ADR(BABA.US) target share price in Hong Kong by nearly 45%, setting a new analyst high.

Goldman Sachs Bullish on Gold's Long-Term Rise

Goldman Sachs Group, Inc.(GS.US) predicts gold could surge beyond prior forecasts, driven by private investor interest.