Stock futures are little changed as investors watch for more earnings and trade developments; AstraZeneca (AZN) said it plans to invest $50 billion in U.S. production facilities; Opendoor Technologies (OPEN) shares are on the rise as retail investors continue to pile into the meme stock; and OpenAI and Softbank are reportedly paring back near-term plans for their $500 billion Stargate project. Here’s what investors need to know today.
1. Stock Futures Slide as Investors Watch for More Earnings
Stock futures are little changed in premarket trading after tech stocks boosted the Nasdaq to a record high for the sixth straight session Monday, with investors watching for more corporate earnings. Coca-Cola (KO) and General Motors (GM) are among the firms releasing results today. Meanwhile, the price of Bitcoin (BTCUSD) is on the rise, trading above $119,000. The yield on the 10-year Treasury note is slightly higher at 4.39%. Oil and gold futures are both lower.
2. AstraZeneca Plans $50B Investment in US
AstraZeneca (AZN) said it will invest $50 billion to build manufacturing and research facilities in the U.S., coming amid worries about President Donald Trump’s threat of steep tariffs on pharmaceutical products. The investment centers around building a multi-billion dollar manufacturing facility in Virginia that would produce a suite of drugs, including the company’s oral GLP-1 weight loss drug. The U.K.-based company said the Virginia facility will be its largest single manufacturing investment in the world. It also plans to expand facilities in Maryland, Massachusetts, Indiana and other U.S. states.
3. Activist Investor Elliott Increases Stake in Equinix, Report Says
Equinix (EQIX) shares are pointing higher in premarket trading following a report that activist investor Elliott Investment Management has increased its stake in the data center operator. Reuters reported that Elliott has been in talks with the company, though the size of Elliott’s stake in Equinix was not disclosed. Equinix shares have lost about 16% of their value so far this year.
4. Opendoor Keeps Climbing as Retail Investors Pile Into Meme Stock
Opendoor Technologies (OPEN) shares are up over 13% in premarket trading as retail investors continue to pile into the newest meme stock. The online home buying company surged more than 42% in the prior session. Opendoor stock took off last Monday after Eric Jackson, founder of EMJ Capital, announced his firm had taken a position in the company amid optimism over a turnaround. The gains mark a comeback for the company after it was warned by Nasdaq in May that it could be delisted for trading below $1 for 30 consecutive business days.
5. OpenAI, SoftBank Reportedly Pare Back Near-Term Plans for Stargate Project
ChatGPT maker OpenAI and Japanese investment firm SoftBank are reportedly struggling to make progress with their $500 billion Stargate artificial intelligence (AI) project in the U.S. The Wall Street Journal reported that the two firms were at odds over details related to the project and have scaled back near-term plans. After the project was announced in February, Stargate has yet to make a deal to build even a single data center, the report said. OpenAI has inked deals with operators to launch data centers without SoftBank’s participation, the report said.
Source link
