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Stock futures are little changed to start the week after several days of volatile trading last week; bitcoin is rebounding after hitting a fresh six-month low over the weekend; flights are set to return to their full schedules across the country in the coming days; Nvidia is due to report earnings along with several major retailers this week; and Alphabet shares are rising following news Warren Buffett’s Berkshire Hathaway has taken a stake in the company. Here’s what you need to know today.
Stock futures are hovering near unchanged Monday morning after closing last week on a mixed note. Futures tied to the tech-heavy Nasdaq, which has lost ground for two consecutive weeks amid concerns about the possibility of an AI bubble, were up 0.1% recently, while futures tied to the benchmark S&P 500 rose fractionally. Dow Jones Industrial Average futures were down 0.1% following two straight days of declines, after the blue-chip index hit record highs last week. Gold futures were down 0.3% at $4,080 an ounce, losing ground for the third straight day, while crude oil futures also fell slightly. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer loans, was at 4.12%, down from 4.15% at Friday’s close.
Bitcoin rose above $95,000 Monday, after slipping below $93,000 on Sunday to its lowest level since early May. The cryptocurrency fell sharply last week as investor appetite for risky assets waned, though Strategy (MSTR), the largest corporate holder of Bitcoin, reaffirmed its commitment to the asset. Strategy shares were up slightly in premarket trading, Shares of crypto exchange Coinbase (COIN) and bitcoin miner Mara Holdings (MARA) were also higher this morning.
The Federal Aviation Administration said Sunday night that it was lifting its order that temporarily limited flights due to the shortage of air traffic controllers caused by the government shutdown. The agency said Sunday that as of 6 a.m. Monday, the order would be lifted and all airports could return to operating at their full schedule. Flight traffic at the 40 busiest U.S. airports was ordered to be reduced by 10% earlier this month in response to the shutdown, cutting the number of air travel-related federal employees available as some opted not to work while not being paid. Airlines have said that it will likely take days for flight crews to be in the right locations to resume their full schedule, per The Wall Street Journal. Shares of American Airlines (AAL), United Airlines (UAL), Southwest (LUV) and Delta Air Lines (DAL) all ticked higher ahead of the opening bell.
In a crowded week of earnings reports, artificial intelligence heavyweight Nvidia (NVDA) will be the center of investors’ focus when it reports after the bell on Wednesday. The chipmaker is expected to once again post strong gains in revenue and profits, and some analysts have lifted their price targets and provide other bullish commentary ahead of the report. Investors will also get a look into the health of the American consumer this week, with earnings reports scheduled from a number of retailers including Home Depot (HD), Lowe’s (LOW), Target (TGT), TJX Companies (TJX), Ross Stores (ROST), BJ’s Wholesale (BJ), Gap (GAP) and Walmart (WMT), which announced a CEO succession plan last week.
Alphabet (GOOGL) shares are surging in premarket trading after Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) disclosed in a regulatory filing that it bought more than 17 million shares of the Google parent in the third quarter, a stake valued at $4.3 billion at quarter’s end. Buffett has traditionally been cautious about tech stocks, leaving some to speculate whether the “Oracle of Omaha” is responsible for the bet, as Buffett is set to retire as CEO at the end of the year. Also over the weekend, Alphabet’s YouTube TV ended a prolonged carriage dispute with Disney (DIS) that had taken the entertainment giant’s networks like ESPN and ABC off the streaming service for weeks. Alphabet shares were up 4% in recent trading.
