Dow Futures Rise, Nasdaq Subdued Premarket Ahead Of Inflation Data: ASML, MU, SKHY, TSLA, BAC, LQDA, GME, IREN Stocks In Focus

• Investors watch for the September CPI inflation report, the Fed’s Beige Book, and quarterly earnings reports from Bank of America, Morgan Stanley, and BlackRock.
• ASML raised its full-year sales outlook for the third time, though Q3 sales missed street expectations. 
• Tesla CEO teased a livestream demonstration for its much-delayed electric sports car, the Roadster. 

U.S. stock futures were in the green early Wednesday as investors geared up for September CPI inflation data and the Federal Reserve’s Beige Book release. In Big Bank earnings, Bank of America, Morgan Stanley and BlackRock report later in the day.

As of 4:00 a.m. ET, Nasdaq futures were flat, while S&P 500 futures were up 0.1% and Dow and Russell 2000 futures gained 0.3%.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, remained ‘bullish’.

Traders will tune in throughout the day for speeches from Fed Governor Michelle Bowman, Richmond Fed President Thomas Barkin, and Chicago Fed President Austan Goolsbee. On Tuesday, Boston Fed President Susan Collins said the central bank is not rethinking its 2% inflation target, keeping economic uncertainty and the rising national debt in mind. 

Meanwhile, JPMorgan CEO Jamie Dimon also warned on Tuesday that financial pressure across the country could intensify if interest rates rise another percentage point.

The Tech Radar

ASML Holding (ASML) U.S.-listed shares rose over 1% after the semiconductor equipment maker hiked its full-year sales guidance for the third time. However, its Q3 sales miss could be weighing on investor sentiment, with the selloff spilling over to U.S. chip stocks such as MU, SNDK, WDC. ASML CEO also said that chipmakers had begun enquiring about equipment orders for 2029 and 2030. 

Micron Technology (MU): Shares were down marginally in early premarket trade despite Tesla CEO Elon Musk praising the company for offering “reasonable” memory pricing compared to industry peers. 

SK Hynix (SKHY) has reportedly delayed some HBM4 back-end equipment orders until next year. Separately, SK Group Chairman Chey Tae-won agreed to sell a 1.34% stake in the South Korean conglomerate’s holding company to an investment fund affiliated with Dell Technologies (DELL) founder Michael Dell for $406 million, according to a news report. 

Taiwan Semiconductor Manufacturing Co (TSM) is on the retail radar ahead of its Thursday earnings report. 

Nvidia (NVDA): CEO Jensen Huang announced on Tuesday that the company will be pumping in another $2 billion in European investments next week. 

ServiceNow (NOW) has denied reports that it was looking to acquire AI customer-service startup Decagon. Jefferies reiterated its Buy rating but noted investors are growing concerned about its M&A spree after spending more than $11 billion on recent acquisitions. 

Microsoft (MSFT): A report that Azure leadership asked teams to identify 20% cost reductions was disputed by a Microsoft spokesperson, who said no such instructions were given to develop cost-reduction strategies.

Iren (IREN) is expanding its AI cloud footprint in Australia with a proposed 900 MW Redbank data center in New South Wales. 

Trending Stocks

Tesla (TSLA): Elon Musk teased a livestream demonstration event for its long-delayed electric sports car, the Roadster. 

SpaceX (SPCX): Shares rose 0.4% in early premarket trading after seeking a Federal Aviation Administration (FAA) authorization for up to 456 Starlink launches annually from its Texas site. 

AST SpaceMobile (ASTS): Shares rose over 1% in early premarket trade after hitting a 52-week low. The company has urged the FAA to consider support for additional satellite-service spectrum allocations, even as Vodafone executives questioned whether SpaceX could replicate its U.S. wireless strategy in Europe. 

Rocket Labs (RKLB) shares were subdued in early premarket trading on reports that the U.S. military is planning up to 12 hypersonic flight tests this year. 

BlackRock (BLK) is on investors' radar ahead of its pre-bell earnings report. 

Bank of America (BAC) is the other one on retail radar as it heads into its Q3 earnings report today with a $1.2 billion Treasury penalty tied to anti-money laundering and compliance issues. 

Strive (ASST) shares rose nearly 1% in early premarket trading after announcing a proposed IPO of 5 million SATS preferred shares, with a proposed 15% annual dividend. The company intends to use the proceeds for Bitcoin purchases. 

Bloom Energy (BE): Oracle reaffirmed the company’s power role in Project Jupiter AI data center. Roth Capital has also raised its target price to $260 ahead of earnings. 

Liquidia Corp (LQDA) shares soared 45% in early premarket trading after reaching a global settlement with United Therapeutics (UTHR) to secure uninterrupted commercialization of its PAH therapy, Yutrepia. 

Gamestop (GME) shares rose nearly 2% in early premarket trading after insider-buying disclosures showed CEO Ryan Cohen bought 844,000 shares in open-market transactions. 

Netflix (NFLX) faces a downgrade from two Wall Street analysts on margin concerns ahead of its October 20 earnings report. Separately, it has acquired the exclusive broadcast rights for the 2030 FIFA Men’s World Cup in Spain and Andorra. 

Other tickers trending on Stocktwits at the time of writing included Skydance Corp (SKYD), Intuitive Machines (LUNR), Take-Two Interactive (TTWO) and Candel Therapeutics (CADL).

What Else To Watch On Wednesday

On the economic front, all eyes will be on today's September CPI data and the Fed’s Beige Book for clues on the central bank’s rate trajectory ahead of the October meeting. This will be followed by September Producer Price Index (PPI)data that releases on Thursday.

On the earnings front, beyond banks, watch out for CLPS Inc (CLPS), Aduro Clean Technologies Inc (ADUR), Home Bancshares Inc (HOMB), Winmark Corporation (WINA), Enerpac Tool Group Corp - Ordinary Shares - Class A (EPAC), and Equity Bancshares Inc - Ordinary Shares - Class A (EQBK), among others.  

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