VIRT Virtu Financial Inc

US index futures are mixed in Friday’s pre-market trading, a day after the interest rate hike in Europe and following oil hitting a 10-month high, surpassing the $94 mark, along with improved data from China indicating recent stimulus measures have taken effect. Investors are also monitoring a workers’ union strike at 3 automakers and Arm shares, which continue to surge a day after an exciting debut.

At 7:25 AM, Dow Jones futures (DOWI:DJI) rose 76 points, or 0.22%. S&P 500 futures were up 0.08% and Nasdaq-100 futures were down 0.10%. The yield on the 10-year Treasury note was at 4.324%.

On Thursday’s United States economic agenda, investors await, at 8:30 AM, the prices of exported goods, which have a consensus of an increase of 0.40% in August; The Empire State manufacturing index for September will be released at the same time. At 9:15 AM, it will be the turn of industrial production for August, which is expected to rise modestly by 0.10% on a monthly basis, confirming the difficulty of production in the country. At 10 AM, the Michigan consumer confidence index will be released, which is projected at 69.10 points for September. Later at 1 PM, Baker Hughes releases the oil rig count for the week ending September 15th.

Stock markets in Europe and Asia rose, driven by positive economic indicators from China, signaling that stimulus initiatives may be having an effect. Investors are also anticipating this Friday’s triple options event, which could result in trading flare-ups and instability. Everyone is paying attention to the next Fed meeting, hoping that the US will continue with economic stability and maintain interest rates.

On the other hand, the suspicion that the European Central Bank has stopped raising rates has affected the euro, which is heading for its ninth consecutive week of decline, an unprecedented sequence since its creation, more than 20 years ago. Christine Lagarde, President of the ECB, recently emphasized that the bank does not plan to reduce interest rates. She highlighted, after a Eurogroup meeting, the relevance of the current level of rates and their duration, but did not go into details.

In other regions, Asian markets grew, benefiting from higher-than-expected industrial production and retail sales figures in China. These indicators revealed that, in August, the Chinese economy got a boost, thanks to the increase in travel during the summer and more robust stimulus policies, which increased both consumption and industrial production.

In the commodities market, iron ore with a concentration of 62% rose 2.33%, quoted at US$120.77. West Texas Intermediate crude oil for October rose 0.50% to $90.61 per barrel. Brent oil for November rose 0.41% to US$94.09 per barrel.

At Thursday’s close, Dow Jones jumped 331.58 points or 0.96% to 34,907.11 points. S&P 500 advanced 37.66 points or 0.84% ​​to 4,505.10 points. Nasdaq rose 112.47 points or 0.81% to 13,926.05 points. In August, retail sales grew 0.6%, exceeding analysts’ estimates of a 0.1% increase. The Producer Price Index (PPI) increased by 0.7%, above the expected 0.4%. However, this increase was mainly driven by energy costs, reflecting the appreciation of oil and other energy sources. Thus, the favorable results reinforce the prospect of a smooth landing for the economy.

Wall Street Corporate Highlights for Today

Apple (NASDAQ:AAPL) – Apple will release an update to the iPhone 12 in France due to regulatory concerns about radiation limits. The measure aims to comply with European standards, after suspending sales. Belgium is also investigating health risks from the iPhone 12.

Alphabet (NASDAQ:GOOGL) – Google has released an early version of Gemini, its conversational artificial intelligence software, aiming to compete with OpenAI’s GPT-4. Gemini ranges from chatbots to text and image generation, and will be powered by Google Cloud Vertex AI.

Arm Holdings (NASDAQ:ARM) – Shares of SoftBank’s Arm Holdings are up 9.6% in Friday’s premarket after jumping nearly 25% yesterday in its Nasdaq debut, renewing optimism in IPOs. The stock closed at $63.59, valuing the company at $65 billion. Experts see this as a positive sign for future market launches.

Taiwan Semiconductor Manufacturing (NYSE:TSM) – TSMC has asked major suppliers to delay deliveries of cutting-edge equipment due to demand concerns. Suppliers, including Netherlands-based ASML (NASDAQ:ASML), saw their stocks drop after the announcement. TSMC is also facing delays in its Arizona factory. Suppliers believe the postponement is temporary.

Salesforce (NYSE:CRM) – After cutting 10% of its jobs in January, Salesforce plans to hire 3,300 employees, divided between sales, engineering and its data cloud platform, as reported by Bloomberg. The decision aims to sustain the company’s growth and margins.

Adobe (NASDAQ:ADBE) – Adobe shares are down 2.4% in pre-market trading on Friday, despite beating expectations with the launch of artificial intelligence tools and rising subscription prices. While DA Davidson analyst sees little room for growth, RBC Capital Markets and Evercore ISI are bullish.

Amazon (NASDAQ:AMZN) – Amazon opened its largest delivery center in Latin America in Mexico City, strengthening its presence since 2015 and investing US$3 billion to compete with Mercado Libre (NASDAQ:MELI) and Walmart (NYSE:WMT). The structure houses “last mile” deliveries and employs thousands.

Microsoft (NASDAQ:MSFT), Oracle (NYSE:ORCL) – Microsoft and Oracle have expanded their cloud partnership, facilitating the integration of Microsoft’s Azure AI with the Oracle database. The service, called Oracle Database@Azure, will be available in 2024 in some regions. This move represents a strategic shift in the cloud market, as companies previously tried to confine users to a single platform. The cooperation aims to optimize database and network performance for customers using both solutions.

Tesla (NASDAQ:TSLA) – Tesla is innovating in vehicle production, adopting a technique called “gigacasting”, which could significantly reduce production costs. By employing massive presses, the company can mold larger Model Y structures, challenging the industry’s traditional approach. To improve this advancement, Tesla intends to create almost the entire base of the vehicle as a single piece, instead of the conventional 400 pieces. Additionally, the company is exploring 3D printing and sand molding techniques to improve design and efficiency.

Ford Motor (NYSE:F) – Workers at the Ford plant in Wayne, Michigan, supported by the UAW union, began a historic strike, along with simultaneous strikes at other automakers. The strike followed contractual disagreements, including demands for pay increases and better benefits. Ford CEO Jim Farley warned that the UAW union’s proposal could bankrupt the company. If adopted since 2019, the changes would have turned profits of US$30 billion into losses of US$15 billion. Shares of  Carvana (NYSE:CVNA) and CarMax (NYSE:KMX) rose 13% and 4% on Thursday, preceding an auto worker walkout.

Chevron (NYSE:CVX) – Despite intensified strikes and an issue at the Wheatstone plant, Chevron’s Australian plants have maintained LNG exports. Workers intensified previously limited protests, but supplies to Japan and China continued. Chevron seeks to minimize disruptions.

Uber Technologies (NYSE:UBER) – Uber has entered into a partnership with Deliverect, a Belgian restaurant software company. Uber and Deliverect will integrate systems and Deliverect will prioritize deliveries via Uber Direct. The partnership benefits restaurants that want to highlight their brand and carry out external deliveries, and will be available in nine countries. In other news, Uber rejected a Brazilian court ruling that fined it $205 million for irregular employment relationships. The court also asked for recognition of the employment relationship with drivers. Uber will appeal, citing “legal uncertainty”.

DoorDash (NYSE:DASH) – Doordash announced the transfer of its listing from the NYSE to Nasdaq, beginning September 27th under the ticker symbol “DASH.” The move is seen as a setback for the NYSE as it seeks more listings of technology companies.

Visa (NYSE:V) – Visa shares were the worst-performing in the Dow Jones on Thursday after announcing discussions with shareholders about allowing banks to exchange Class B shares for Class B-2 and C shares. The latter could be converted into Class A shares and sold. Analysts have mixed views on the proposal.

Citigroup (NYSE:C) – In its reorganization, Citigroup may lay off compliance and risk management support staff and technology staff with duplicate roles. CEO Jane Fraser aims to reduce bureaucracy and focus on profitability. In other news, Citigroup in India will allow female employees to work remotely for up to a year after their 26-week maternity leave as it seeks to expand benefits and retain female talent. This policy can result in up to 21 months without going to the office.

Deutsche Bank (NYSE:DB) – Deutsche Bank has teamed up with Swiss crypto firm Taurus to custodian cryptocurrencies and tokenized client assets. Although cryptocurrency trading is not immediately planned, the bank recognizes the potential of the digital asset market, acting with regulatory caution.

UBS (NYSE:UBS) – UBS CEO Sergio Ermotti has committed to leading the company until 2026 to complete the integration of Credit Suisse, avoiding its collapse. He sees the US and Asia as key growth areas as UBS plans to reduce costs.

Goldman Sachs (NYSE:GS) – Goldman Sachs fired executives from its transaction banking unit for violating communications policies, according to a memo. Philip Berlinski takes over day-to-day management. Hari Moorthy, one of those fired, is no longer registered with FINRA. The company emphasizes the importance of communication policy. Additionally, Goldman Sachs is withdrawing from the business of advising massively wealthy investors, choosing to focus on the advisor custody business. Recognizing limitations, the company will sell its PFM to Creative Planning. CEO David Solomon highlights a return to a focus on ultra-high net worth, aligning with the company’s roots. This strategy connects to the custody business the company has been building, aiming to serve and not compete with RIAs.

Charles Schwab (NYSE:SCHW) – Charles Schwab will update data on its clients’ assets and new net inflows on Friday. After the acquisition of TD Ameritrade in 2020, there was a decrease in net new assets, attributed to the departure of TD clients.

Barclays (NYSE:BCS) – Barclays is exploring the opportunity to enter the ESG debt market segment previously dominated by Credit Suisse. Furthermore, economists at Barclays Plc expect a more gradual rise in Turkey’s interest rates despite President Erdogan’s support for conventional monetary policies. They predict an increase of 250 basis points, pointing to “gradual” adjustments.

Virtu Financial (NASDAQ:VIRT) – Following accusations from the Securities and Exchange Commission over data protection, Virtu Financial shares fell on Thursday. However, CEO Douglas A. Cifu and co-president Joe Molluso purchased shares in the company. Virtu disagrees with the accusations and will defend itself.

Disney (NYSE:DIS) – Byron Allen offered $10 billion to buy ABC and Disney assets including FX and National Geographic. As Disney mulls selling traditional TV assets due to the growth of streaming, it has also had discussions with Nexstar Media (NASDAQ:NXST).

Northrop Grumman Corp (NYSE:NOC), Lockheed Martin (NYSE:LMT) – China sanctioned Northrop Grumman and Lockheed Martin for supplying weapons to Taiwan. Beijing warned the US to stop military support for Taiwan, threatening “resolute retaliation”, as stated by spokesman Mao Ning.

MGM Resorts International (NYSE:MGM), Caesars Entertainment (NASDAQ:CZR) – Scattered Spider hackers claimed to have removed six terabytes of data from the MGM Resorts and Caesars Entertainment casino systems. MGM and Caesars have not confirmed the amount of data compromised. The group, linked to several invasions, does not intend to disclose the data.

Lennar Corp (NYSE:LEN) – Construction company Lennar Corp released quarterly results that exceeded expectations, despite the drop in the annual comparison. Lennar reported third-quarter net income of $1.11 billion, or $3.87 per share, compared with $1.47 billion, or $5.03 per share, in the same quarter last year. Revenue of $8.73 billion was down from $8.93 billion. The market remains favorable for construction companies, the CEO said, citing pent-up demand and supply shortages. The company used incentives to offset economic challenges.

Nucor (NYSE:NUE) – Steel company Nucor projected a profit for the third quarter that was below expectations. Nucor expects earnings from its steel division in the third quarter to be lower than in the second quarter due to reduced prices and, to a lesser extent, lower volumes.

Abbott (NYSE:ABT) – Goa, India, threatens to suspend the license of the local Abbott unit following hygiene and contamination issues at its factory. The pharmaceutical company, which had recalled batches of Digene syrup due to taste and odor complaints, claims there is no impact on health. The plant, which accounts for 7% of the Indian antiflatulent market, faces regulatory questions following inspections. Abbott plans to officially respond to the notice.

Novartis (NYSE:NVS) – Novartis’ generics unit Sandoz plans to launch five additional biologics. Its CEO, Richard Saynor, highlights the growth of biosimilars in the pipeline, aiming to overtake Pfizer (NYSE:PFE) as the leader in the sector. The spin-off of Sandoz will be decided at a Novartis meeting. The company intends to improve profitability by expanding its presence in biosimilars, and will face competition from other large pharmaceutical companies.

Bristol Myers Squibb (NYSE:BMY) – Bristol Myers Squibb plans to double its clinical trials, focusing on cellular therapies, due to generic competition for its leading drugs. The company, which is facing declining demand for Revlimid and Eliquis, will expand its production capacity in Devens.

Canopy Growth (NASDAQ:CGC) – Canopy Growth seeks bankruptcy protection for BioSteel, its sports nutrition segment, as it seeks to control costs. The move sent Canopy shares up 9.6% on Thursday, hoping to reduce debt. The company faces financial challenges and will lay off 181 BioSteel employees.