Stock futures are edging higher ahead of key inflation data due later this week; Nvidia (NVDA) and Advanced Micro Devices (AMD) reportedly agreed to pay a portion of their revenues to the U.S. government in exchange for chip export licenses; Intel (INTC) CEO Lip-Bu Tan is set to visit the White House after President Trump called for his resignation; and Bitcoin is rising near record levels, leading cryptocurrency-related stocks higher. Here’s what investors need to know today.
1. US Stock Futures Point Higher as Investors Watch for Inflation Data This Week
Stock futures are pointing higher after the major market indexes posted gains last week, and ahead of inflation data and tech earnings due later this week. Dow Jones Industrial Average futures are up 0.3% in the premarket after the blue chip index added 1.6% last week. Nasdaq futures are up 0.2% after the the tech-heavy index closed at a record high to finish last week. S&P 500 futures are little changed to higher in premarket trading. The yield on the 10-year Treasury note and oil futures are little changed. Gold futures are slightly lower after surging last week.
2. Nvidia, AMD Strike Revenue-Sharing Deal With US for China Chips Licenses
Nvidia (NVDA) and Advanced Micro Devices (AMD) are expected to give the U.S. government a 15% share of revenues from sales of certain chips sold in China in exchange for export licenses, the Financial Times reported. AMD said in its recent earnings report that restrictions on its China chip sales resulted in an $800 million hit. Nvidia is set to report its quarterly earnings later this month. AMD shares are about 2% lower in premarket trading, while Nvidia shares are down close to 1%.
3. Intel CEO to Meet Trump After President Called for Resignation
Intel (INTC) CEO Lip-Bu Tan is set to visit the White House after Trump called for his resignation last week, The Wall Street Journal reported. Tan could use the visit to address concerns about his personal and professional background, while also communicating the importance of Intel’s manufacturing capabilities, the report said. Shares of Intel are up 2% in premarket trading.
4. Bitcoin Nears All-Time High, and Crypto Stocks Gain
Bitcoin (BTCUSD) is surging near all-time highs, rising more than 2.5% to trade above $121,100. Bitcoin’s record high was $123,218 set on July 14, when it jumped after the U.S. enacted legislation beneficial to the cryptocurrency industry. Shares of Bitcoin treasury company Strategy (MSTR) are up by more than 3% in premarket trading, while crypto brokerage Coinbase (COIN) and mining firms Mara Holdings (MARA) and Riot Platforms (RIOT) are also higher.
5. Albemarle and Other Lithium Producers’ Stocks Surge After Production Delays at Chinese Mine
Shares of Albemarle (ALB), the world’s largest lithium producer, are jumping more than 10% in premarket trading as Chinese battery giant Contemporary Amperex Technology Co. (CATL) suspends production at a major lithium mine. Bloomberg News reported that the stoppage could last three months and is due to a permitting issue. Lithium is used to make electric vehicle batteries, among other industrial uses. Chile-based Sociedad Quimica y Minera, or SQM (SQM), is seeing its shares rise by more than 8%. The mining delays come after another Chinese lithium miner suspended production in July.
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