US Stock Market Preview: Software Stocks Rise, Dell Surges After Earnings, Space Stocks Decline.

US Stock Market Update

As of Friday morning, US stock index futures are all up. The Dow futures rose by 0.28%, Nasdaq futures increased by 0.07%, and S&P futures gained 0.14%.

Commodity Prices

• WTI crude oil futures fell by 1.38%, priced at $87.67 per barrel.
• COMEX gold futures rose by 0.41%, reaching $4551.2 per ounce.

Pre-Market Movements in Tech Stocks

Star tech stocks showed mixed results in pre-market trading:

• Oracle rose over 3%
• Qualcomm and Micron Technology increased nearly 3% and 2%, respectively
• Microsoft and Intel gained over 1%
• Nvidia and AMD saw slight increases
• Tesla and Amazon dropped nearly 1%, while Google fell over 1%

Pre-Market Movements in Chinese Stocks

Chinese stocks also displayed varied performance:

• TSMC rose nearly 1%
• Baidu and UMC saw slight increases
• Li Auto dropped nearly 4%
• ASE Technology fell over 3%
• NIO decreased over 2%
• Alibaba and Pinduoduo saw minor declines

AI Application Software Stocks

Most AI application software stocks were up:

• NOW surged over 10%
• TEM increased over 8%
• SOUN rose over 6%
• MDB gained nearly 3%
• CRM rose over 2%
• PATH fell nearly 4%

Quantum Computing Stocks

Quantum computing stocks continued to rise:

• IBM and Oracle increased nearly 4%
• Infleqtion rose over 1%
• D-Wave Quantum fell over 2%
• Rigetti Computing dropped nearly 2%

Space Concept Stocks

Space-related stocks generally fell:

• ASTS dropped nearly 13%
• RDW and LUNR fell over 6%
• FLY decreased over 5%
• RKLB fell over 4%
• SPCE, however, rose over 8%
• KTOS gained nearly 5%

SpaceX IPO Valuation Adjustment

According to Bloomberg, SpaceX has lowered its IPO valuation target to at least $1.8 trillion, down from the previously reported $2 trillion. The company plans to start its official roadshow on June 4 and may finalize pricing as early as June 11.

Financial Performance

• SpaceX's revenue for 2025 is projected at $18.7 billion, up from $14 billion in 2024.
• The company is expected to report a loss of $4.94 billion in 2025, compared to a profit of $791 million in 2024.

Dell Technologies Surge

Dell Technologies saw a pre-market surge of over 33% after reporting a Q1 sales increase of 88%, prompting an upward revision of its annual outlook. The company now expects annual revenue between $165 billion and $169 billion.

Anthropic's Major Financing Deal

Anthropic, in collaboration with Apollo and Blackstone, initiated a $36 billion private credit deal to purchase Google TPU chips. This transaction is expected to be the largest private credit and chip financing deal in history.

Qualcomm's Strategic Move

Qualcomm's stock rose over 3% as reports emerged that ByteDance plans to purchase millions of Qualcomm AI ASIC chips to support its AI Agent business.

Apple’s AI Focus at WWDC

Apple is set to showcase its edge AI capabilities at the upcoming WWDC, emphasizing local processing advantages on devices like the iPhone.

IBM's Quantum Investment

IBM announced plans to invest over $10 billion in quantum computing over the next five years, aiming to build the world's first large-scale quantum computer capable of executing complex tasks reliably.

Market Outlook

ExxonMobil warned that oil inventories could drop to dangerously low levels in the coming weeks, potentially driving oil prices up significantly.