US Stock Market Preview: Mixed Performance with Gains in Indices and Declines in Poor Performers.
US Pre-Market Update: Major Indices and Tech Stocks
On Wednesday, all three major US futures indices rose before the market opened. Tech stocks showed mixed results, with Microsoft and Amazon up nearly 1%, while AMD fell nearly 6%, Disney dropped close to 2%, and Nvidia and Tesla saw slight declines.
Notable Chinese Stocks
Most popular Chinese stocks saw gains in pre-market trading, including:
- Bilibili up over 2%
- Xpeng Motors up nearly 2%
- Pinduoduo and Baidu each up over 1%
- Li Auto down over 3%
Shopify's Strong Earnings
Shopify (SHOP) surged over 16% in pre-market trading after reporting Q2 earnings that exceeded expectations.
- Adjusted EPS: $0.35 (vs. $0.29 expected, +21.11%)
- Revenue: $2.68 billion (vs. $2.55 billion expected, +5.21%)
- Year-over-year revenue growth: +31.05%
Astera Labs and Arista Networks
Astera Labs (ALAB) continued its upward trend, rising over 19% after reporting a 150% year-over-year revenue increase in Q2.
- Revenue: $192 million
- Operating cash flow: $135 million
Arista Networks (ANET) also saw a pre-market rise of nearly 12%, with Q2 revenue up 30% year-over-year.
- Revenue: $2.21 billion (vs. $2.11 billion expected)
- EPS: $0.70 (up from $0.52 last year)
Centrus Energy and BeiGene
Centrus Energy (LEU) rose nearly 10% after reporting Q2 revenue of $154.5 million, exceeding expectations.
BeiGene (ONC) saw a pre-market increase of nearly 3%, reporting Q2 total revenue of $1.315 billion, a 41.56% year-over-year increase.
Microchip Technology and Snap Inc.
Super Micro Computer (SMCI) fell nearly 17% after Q4 revenue missed expectations, while AMD dropped nearly 6% despite reporting record Q2 revenue.
Snap Inc. (SNAP) fell over 18% after reporting Q2 sales below analyst expectations.
Lucid Group and Opendoor Technologies
Lucid Group (LCID) dropped over 7% after missing key metrics in its Q2 report and lowering its annual production guidance.
Opendoor Technologies (OPEN) fell over 21% despite exceeding Q2 revenue expectations.
Other Notable Stocks
- iQIYI (IQ) rose over 4% as it seeks to raise $300 million through a Hong Kong listing.
- McDonald's (MCD) increased nearly 4% after reporting Q2 revenue of $6.84 billion, above expectations.
Market Outlook
Goldman Sachs indicated that the US economy shows signs of weakness, suggesting the Federal Reserve may have no choice but to initiate a rate cut cycle, with discussions on whether to cut by 25 or 50 basis points expected in September.
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