US Stock Market Outlook: Futures Rise, TSMC Up Over 4%, Nuclear Stocks Gain

US Stock Futures Rise Ahead of Market Open

On Wednesday morning, US stock futures showed positive movement with the Nasdaq futures up by 0.8%, S&P 500 futures rising by 0.64%, and Dow futures increasing by 0.49%.

Notable Pre-Market Movements

Star Tech Stocks
Star tech stocks saw significant pre-market gains, with ASML rising over 4%, and AMD, NVIDIA, Broadcom, and Micron Technology all up more than 2%. Oracle also increased by over 1%.

Popular Chinese Stocks
Among Chinese stocks, TSMC rose nearly 4%, while Baidu and Xpeng Motors increased by over 3%. Alibaba, NIO, and Bilibili were up more than 2%, and Li Auto gained over 1%.

Nuclear Power Stocks
Most nuclear power stocks were up, with Oklo and NuScale Power rising over 5%, Cameco increasing by over 4%, and Energy Fuels up more than 6%.

Cryptocurrency Mining Companies
Crypto mining stocks also performed well, with BITF up over 7%, IREN nearly 6%, and CIFR and APLD both rising over 4%.

Gold Prices Surge

Gold prices surpassed $4200 per ounce for the first time in history. Pre-market gains were seen across gold stocks, with Harmony Gold up nearly 4%, and Newmont Mining, Kinross, and Coeur Mining all rising over 2%.

Strong Earnings Reports

ASML's Q3 Performance
ASML reported Q3 revenue of €7.52 billion, exceeding expectations, with a net profit of €2.13 billion. The CEO indicated strong momentum in AI investments, predicting a 15% sales growth by 2025.

Bank of America and Morgan Stanley
Bank of America reported Q3 revenue of $28.1 billion, surpassing expectations, while Morgan Stanley's Q3 revenue was $18.22 billion, also exceeding forecasts with an EPS of $2.80.

OpenAI's New Business Models

OpenAI is exploring new revenue models and partnerships as part of its five-year plan, aiming to support over $1 trillion in investments for AI technology development.

Stellantis Investment in the US

Stellantis NV announced a $13 billion investment in the US to expand operations, increasing production capacity by 50%.

Army's Janus Project

The US Army plans to deploy micro-reactors at bases nationwide to address energy demands, marking a significant advancement in modern nuclear energy.

Market Sentiment on AI Stocks

A recent Bank of America survey revealed that 54% of fund managers believe AI stocks are in a bubble, despite an increase in US stock allocations to the highest level in eight months.

US-China Trade Relations

The US Trade Representative indicated that potential 100% tariffs on Chinese goods depend on China's actions, prompting a response from the Chinese Foreign Ministry emphasizing the need for dialogue over threats.

Upcoming Economic Indicators

• 20:30: New York Fed Manufacturing Index
• 00:30: Fed Governor's speech at Nomura Research Forum
• 02:00: Fed's Beige Book release
• 02:10: Speech by Atlanta Fed President Bostic