LB Select
2023.10.02 09:40
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Pre-market US stocks | Coinbase rises more than 5%, obtains Singapore license! Goldman Sachs upgrades NVIDIA rating to "strong buy"

NVIDIA rose 1.6%, Tesla rose 0.6%, Microsoft rose 0.7%, Amazon and Meta rose 0.8%, TSMC rose 0.9%. Alibaba rose 0.9%, Pinduoduo and Bilibili rose 0.6%, Xiaopeng rose 0.8%, Li Auto rose 1.5%, NIO rose 1%. Apple, Google, and Netflix rose 0.5%.

US Stock Market News

  1. TSMC announced that it is expected to hold its quarterly earnings conference on October 19th, where it will disclose its third-quarter operating results. TSMC has already announced its combined revenue for July and August, totaling NT$366.302 billion.

  2. The Netherlands Competition Authority (ACM) announced on Monday that it has rejected Apple's objections. The company has been fined €50 million (approximately $52.9 million) for failing to comply with regulations aimed at limiting Apple's dominance in the app store.

  3. The United Auto Workers union: Nearly 4,000 members of Mack Truck have reached a preliminary agreement.

  4. Tesla's sales in France in September increased by 60.5% compared to the same period last year, accounting for 3.55% of the overall automotive market in France.

  5. Apple announced on September 30th that it has discovered some issues that may cause the iPhone 15 series to have high operating temperatures, including vulnerabilities in the iOS 17 operating system. Apple stated that these issues will be fixed in the upcoming software update.

  6. XPeng Motors: Delivered 15,310 vehicles in September, a 12% increase MoM and an 81% increase YoY. NIO: Delivered 15,641 vehicles, a 19% decrease MoM and a 43.8% increase YoY. Li Auto: Delivered 36,060 new vehicles in September, a 212.7% increase YoY, reaching a new monthly delivery record.

  7. Coinbase Singapore announced that it has obtained a major payment institution license from the Monetary Authority of Singapore. This license allows Coinbase to provide digital payment token services to individuals and institutions in Singapore.

Pre-market Movement

In pre-market trading, Dow Jones futures rose 0.27%, Nasdaq futures rose 0.63%, and S&P 500 futures rose 0.42%.

Alibaba rose 0.9%, Pinduoduo and Bilibili rose 0.6%, XPeng rose 0.8%, Li Auto rose 1.5%, and NIO rose 1%.

NVIDIA rose 1.6%, and Goldman Sachs upgraded its rating from "Buy" to "Strong Buy".

Tesla rose 0.6%, Apple, Google, and Netflix rose 0.5%, Microsoft rose 0.7%, Amazon and Meta rose 0.8%, and TSMC rose 0.9%.

Coinbase rose over 5% following news of its Singapore license.

Analyst Views

  1. Barclays analyst: Both higher and lower interest rates could lead to a decline in the US stock market.

Barclays analysts warned that the US stock market could decline regardless of the direction of interest rates. The stock market is facing a difficult situation, depending on whether inflation or economic growth first forces central banks to take action. Persistent inflation will drive higher interest rates (as in the pre-1991 era), which is unfavorable for stock valuations. However, if the potential catalyst is a growth shock, such as an economic recession, then lower interest rates will also bring downward pressure to the stock market.

  1. Analyst: The US government's avoidance of a shutdown does not have as strong a boost to the stock market as imagined.

Adam Crisa, founder of Vital Knowledge, said, "The government shutdown did not create as much anxiety, so there should not be a sustained rebound just because the shutdown was avoided. However, the upcoming employment and inflation data will be released as planned, and if these data align with the recent cooling trend, it will help boost the stock market."

US Stock Market Strategy

  1. Quick Look by Major Banks: XPeng Motors receives "recommended" rating! Wall Street bullish on Micron Technology!

  2. Going against the trend! Citigroup predicts oil prices will fall to $70 next year

  3. Bill Ackman: 10-year US Treasury yield may reach 5% soon, investors should avoid US bonds

  4. The first wave of impact in the "high-interest era", the new "rules of the game" in the market

  5. Even Goldman Sachs can't handle it, is the IPO window for US stocks closing again?