U.S. stock futures are pointing higher after Alphabet’s (GOOGL) Google receives a favorable court ruling regarding its Chrome browser; the U.S. reportedly is restricting chip equipment transfers by Taiwan Semiconductor Manufacturing Co. (TSM) to China; Macy’s (M) shares are jumping after the retailer beats quarterly profit and same-store sales estimates and raises its full-year outlook; and Meta Platforms (META) reportedly poaches another top AI researcher from Apple (AAPL). Here’s what investors need to know today.
1. US Stock Futures Point Higher After Indexes Fell Tuesday
U.S. stock futures are pointing mostly higher after stocks lost ground in the prior session amid fresh concerns over tariffs. Nasdaq futures are up 0.7% after the tech-focused index fell by 0.8% in the prior session. S&P 500 futures are 0.5% higher after the benchmark index fell 0.7% Tuesday. Dow Jones Industrial Average futures are little changed after also declining yesterday. Bitcoin (BTCUSD), gold futures, and the yield on the 10-year Treasury note are higher. Oil futures are 2% lower.
2. Alphabet Stock Jumps on Favorable Chrome Browser Ruling
Shares of Google parent Alphabet (GOOGL) are surging 6% in premarket trading after a federal judge ruled that the tech giant doesn’t have to sell its Chrome browser, a major win for the tech giant as it defends itself from antitrust charges over its search business. The ruling, which eliminates some of the more punitive potential outcomes that were under consideration, also allows Google to continue paying other companies to place and preload Chrome on new devices, citing concerns that ending the practice would ultimately hurt consumers.
3. US Revokes TSMC Authority to Ship Equipment to China Facilities
Taiwan Semiconductor Manufacturing Co. (TSM) said the U.S. is revoking its authority to ship essential equipment to its main Chinese chipmaking facility without gaining prior approval, according to news reports. The U.S. ended the “validated end user” status for TSMC’s Nanjing site effective Dec. 31, the company told The Wall Street Journal, CNBC, and other outlets, meaning that the chipmaker will now have to seek separate approval for equipment shipments. The U.S. also took similar action against Samsung Electronics and SK Hynix. U.S.-listed shares of TSMC are up about 1% in premarket trading.
4. Macy’s Stock Soars as Results Easily Top Estimates, Retailer Lifts Outlook
Macy’s (M) shares are surging nearly 13% in premarket trading after the retailer posted better-than-expected second-quarter results and lifted its full-year outlook. Macy’s reported adjusted earnings per share of $0.41, more than double analysts’ consensus estimate of $0.18 per share. Same-store sales rose by 0.8%, while analysts were expecting a 0.26% decline. The company also raised its full-year sales and adjusted EPS guidance after cutting its adjusted EPS outlook last quarter.
5. Meta Platforms Nabs Another Apple AI Researcher, Report Says
Apple’s (AAPL) lead AI researcher for robotics reportedly has left the company for a role at Meta Platforms (META), marking another departure for the iPhone maker as it seeks to retain top AI talent. According to Bloomberg, Jian Zhang has joined the Meta Robotics Studio, while three other top AI researchers are leaving Apple’s in-house large language model team, “adding to upheaval in that group,” the report said. In July, Bloomberg reported that Meta had lured another Apple executive with a pay package reportedly worth more than $200 million as the Facebook parent builds its “superintelligence” team.
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