Wall St futures steady after weekly gains; Fed rate decision looms
Investing.com -- U.S. stock futures edged higher Thursday, ahead of the release of the highly-anticipated consumer price index for August, which should confirm a Federal reserve rate cut next week.
Here are some of the biggest premarket U.S. stock movers today:
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Adobe Systems (NASDAQ:ADBE) stock rose 1.8%, with the software tools provider set to report its quarterly returns after the closing bell, having raised its annual financial guidance in June.
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Oracle (NYSE:ORCL) stock gained 2%, adding to the previous session’s hefty gains after the software giant laid out a cloud growth outlook that Bernstein described as “rarely seen at this scale in the software industry.”
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Nvidia (NASDAQ:NVDA) stock gained 0.6% after D.A. Davidson upgraded the AI chipmaker to “buy” from “neutral” as it expects the overwhelming demand for AI computing to continue to fuel sustained growth.
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Amazon (NASDAQ:AMZN) stock rose 0.7% after Morgan Stanley named the online real giant as a new “top pick”, citing the company’s expansion into the $600 billion fresh grocery market as a significant growth driver.
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GrabAGun (NYSE:PEW) stock gained 0.2% and Smith & Wesson (NASDAQ:SWBI) stock rose 3.2%, extending their rally from the previous session after conservative activist Charlie Kirk was shot dead at a university in Utah on Wednesday.
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United Parcel Service (NYSE:UPS) stock fell 2.1% and FedEx (NYSE:FDX) dropped 1.2% after Bank of America downgraded its investment stance on both delivery giants, citing increased pressure on volumes and costs following the end of de minimis exemptions for shipments from China, Hong Kong, and the rest of the world.
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Oxford Industries (NYSE:OXM) stock surged 18% after the clothing company beat quarterly earnings expectations, adding it now expected less of a financial impact from tariffs in the current fiscal year than previously expected.
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Alibaba (NYSE:BABA) ADRs rose 2.7% after the Chinese online marketplace said it plans to raise about $3.2 billion through a zero-coupon convertible bond offering, with most of the proceeds earmarked for strengthening its cloud infrastructure.