US stock futures rose to start the week as investors continued to shrug off the continuing government shutdown.
These stocks were poised to make moves Monday:
OpenAI and chip-designer AMD announced a multibillion-dollar partnership to collaborate on AI data centers that will run on AMD processors, one of the most direct challenges yet to industry leader Nvidia. AMD shares soared 25.4% in premarket trading, while Broadcom fell 3%, Nvidia fell 2%.
Tesla rose 2% in premarket trading. Shares of the electric-vehicle maker fell 1.4% on Friday and finished the past week down 2.4% even as the Elon Musk-led company posted better-than-expected third-quarter deliveries. Tesla stock has risen 6.4% so far this year.
Palantir Technologies was up 2.6% in premarket trading. Shares of Palantir, which sells artificial-intelligence software to manage and analyze large amounts of data, fell 7.5% on Friday after a report said there were security flaws in a communications platform designed for the U.S. Army. Reuters reported a recent internal Army memo said the company's prototype battlefield communications network was rife with "fundamental security" problems and vulnerabilities, and should be treated as a "very high risk." A Palantir spokesperson told The Wall Street Journal the "security review process during the experimental phase of NGC2 functioned as designed." Palantir is developing NGC2 with Anduril Industries.
Shares of automation software company UiPath climbed 8.8% in premarket trading. While not immediately clear what prompted the early Monday move, the company announced a slew of partnerships with several heavyweights in artificial intelligence last week, including OpenAI and Nvidia. The stock rose nearly 6% last week.
Coinbase Global rose 2.3% in premarket trading, on track to build on a 53% gain so far this year. Shares of the largest digital assets exchange in the U.S. were boosted by the price of Bitcoin hitting new highs over the weekend.
H.C. Wainwright raised its price target on Plug Power to $7.00 from $3.00 on Friday, while maintaining a Buy rating on the hydrogen fuel cell company. The shares soared 34.6% on Friday and jumped another 15.5% in premarket trading on Monday.
Space tech firm Firefly Aerospace will acquire national security technology company SciTec for about $855 million, the company said on Sunday, just months after its Nasdaq listing, honing its portfolio at a time when U.S. military and civil programs are receiving increased investor interest. Firefly shares jumped 8.4% in premarket trading on Monday.
Archer Aviation stock saw a spike in retail investor chatter late Sunday after the company’s demonstration of its Midnight aircraft in an airshow, as well as continued speculation about a potential tie-up with Elon Musk’s Tesla. The airtaxi maker’s stock surged 13.7% on Friday, and jumped another 4.3% in premarket trading on Monday.
Morgan Stanley upgraded Micron Technology from Equalweight to Overweight on Monday, raising its price target to $220.00 from $160.00. Micron shares gained 3.5% in premarket trading on Monday.
Rigetti Computing, the quantum-computing company, fell 2.3% after having risen 13% on Friday to close at a record high of $40.06. Shares have finished higher for four consecutive sessions and have gained more than 35% over the period, according to Dow Jones Market Data. Rigetti jumped more than 28% last week, boosted by an announcement that it had secured purchase orders for two Novera quantum-computing systems.
D-Wave Quantum also hit a record high Friday. The stock gained 12% on Friday to close at $32.70. D-Wave was down 1.3% in premarket trading Monday.
Western Digital rose 1.6% in premarket trading. The data-storage company was the best performer in the S&P 500 the past week, rising 23%. Western Digital has ridden a surge in demand for hard disk drives at data centers. Valero Energy was the worst stock in the index after it fell 8.7% for the week.
Earnings reports are expected from Constellation Brands and Aehr Test Systems.
Constellation Brands rose 0.5% ahead of its fiscal second-quarter earnings report, expected after the bell Monday. Analysts polled by FactSet expect the company to report adjusted earnings of $3.38 per share. Sales are expected to decline 16% from the year-ago quarter to $2.46 billion. Coming into Monday trading, the stock is down 36% this year.
Reports are expected later in the week from Delta Air Lines, PepsiCo, McCormick, Penguin Solutions, Levi Strauss, Applied Digital, and Neogen.