Stock futures were higher Monday after a deal was agreed to extend the U.S. debt ceiling for two years over the Memorial Day weekend. Tech stocks, and AI-focused companies, in particular, were once again leading markets higher.
(ticker: NVDA) stock rose 3.8% ahead of the open after the chip maker unveiled a raft of new AI-related products at a conference in Taiwan over the weekend, including a new supercomputer. The company’s market cap sits just below $1 trillion after the shares rallied 24% following its first-quarter earnings.
(MRVL), which surged 32% Friday as it forecast AI to be a long-term growth driver, was up 3% higher in early premarket trading Monday.
Other AI names were also gaining as
(AI) stock rose 8% and
(PLTR) climbed 6%. Shares in cloud-computing company
(NTNX) surged more than 7%.
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(F) stock was also on the move, up 2.9%, after Jefferies upgraded the shares to Buy from Hold following the auto giant’s investor event last week.
stock climbed 3.3% in premarket trading. CEO Elon Musk is in China to visit the electric-vehicle maker’s Shanghai plant and to meet government officials, according to Reuters.
(SPCE) stock looked set to regain some of the ground it lost Friday following its first completed crewed flight since July 2021 last week. The shares, which tumbled 16%, were more than 2% up early Monday.
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(IOVA) was the biggest riser, climbing more than 22% after the company’s license application for its advanced skin cancer treatment was approved by the Food and Drug Administration.
(BYD) was the sharpest faller, declining 3% ahead of the open.
Earnings reports are expected Tuesday from
(HPQ),
(HPE),
(BOX),
(AMBA), and
(UHAL).
Write to Callum Keown at callum.keown@barrons.com
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