Stock futures pointed slightly higher Thursday after the
closed up following a U.S. inflation report that makes it unlikely the Federal Reserve will boost interest rates when it meets next week. Investors on Thursday will get another inflation reading, this time in the form of the producer price index, which measures inflation at the wholesale level.
(F) was up 0.1% and
(GM) rose 0.2% ahead of a deadline late Thursday for a strike by the United Auto Workers union. Shawn Fain, the head of the UAW, said late Wednesday the union and the Big Three automakers, including
(STLA), were still “very far apart” on the union’s key priorities for wage increases, and that the UAW was preparing to strike all three companies using new tactics after 11:59 p.m. on Thursday.
The initial public offering of Arm Holdings was priced at $51 a share, at the top of the expected range, giving the chip design company a valuation of $54.5 billion on a fully diluted basis. Arm shares will begin trading Thursday on the Nasdaq under the stock symbol “ARM.” Ahead of Arm’s debut, shares of fellow chip makers traded higher.
(NVDA) rose 0.8%, U.S.-listed shares of
Taiwan Semiconductor Manufacturing
(TSM) gained 0.9%,
(INTC) was up 0.2%, and
(QCOM) rose 0.4%.
(HPQ) was down 1.2% after Warren Buffett’s
(BRK.B) disclosed it sold 5.5 million shares of the maker of personal computers and printers. It was the first sale of stock in
HP
Inc.
since Berkshire Hathaway accumulated a 12% stake in the company in the early part of 2022.
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(SMTC), the semiconductor supplier, was falling 3.9% after forecasting a fiscal third-quarter loss of 9 cents to 22 cents a share on revenue of $190 million to $210 million. Analysts had been estimating adjusted earnings of 12 cents a share on revenue of $247.7 million.
Earnings reports are expected after the closing bell Thursday from software company
(ADBE), home builder
(LEN), and online auto auctioneer
(CPRT).
Write to Joe Woelfel at joseph.woelfel@barrons.com
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