Stock futures were trending lower in early trading Friday following a fifth straight session of major market index gains in holiday-shortened trading Wednesday; gold and silver continued their record streak to hit new all-time highs; Nvidia agreed to buy assets from AI startup Groq; federal regulators are probing a door release issue in one Tesla model; Nike shares continued to climb after Apple CEO Tim Cook’s major stock purchase.
Here’s what investors need to know today.
Stock Futures Point Lower
Stock futures pointed lower in premarket trading after the S&P 500 and Dow Jones Industrial Average set new closing records in Wednesday’s holiday-shorted trading session, when the major market indexes moved higher for a fifth straight session. Futures associated with the Dow were lower by nearly 0.2% in early trading, while those tied to the S&P 500 were fractionally lower. Futures tracking the Nasdaq crept higher. U.S. benchmark crude oil futures were at nearly $58.50 a barrel as the commodity stayed near two-week highs. Bitcoin traded at $88,600, higher than the $87,400 it hit on Wednesday. Yields on the 10-year Treasury note, which can influence a range of consumer loans, were at 4.14%, ticking higher from Wednesday’s levels.
Gold, Silver Extend Streak of Highs
Gold and silver again touched record highs on Friday as the precious metals continued to see their prices rise. Gold futures were trading around $4543.50 an ounce after earlier pressing as high as $4561.60. Silver futures were at $75.67 an ounce recently after earlier reaching a new high of $75.84. Precious metals continued to add value in December, with silver rising by more than 27% this month and gold adding more than 6%. Silver has more than doubled in value this year, while gold is up by more than 70%. Investors have been pouring into the safe-haven assets as investors anticipate lower interest rates and central banks have been adding to their holdings.
Nvidia to Buy Assets from AI Startup Groq
Nvidia (NVDA) has made a deal with artificial intelligence startup Groq, according to news reports and a post on the startup’s site. Groq in a statement said that Nvidia entered a non-exclusive licensing agreement for the startup’s inference technology.“The agreement reflects a shared focus on expanding access to high-performance, low cost inference,” it said. CNBC reported that the deal include an asset purchase worth $20 billion in cash, citing Alex Davis, CEO of Disruptive, which led a $750 million fundraising round for the startup.The move comes as AI stocks have been moving higher to end the year. Nvidia shares were higher by 0.6% in premarket trading.
Federal Regulators Probe Tesla Door Release Issue
The National Highway Traffic Safety Administration said it earlier this week opened an investigation into Tesla (TSLA) after it received a petition saying the mechanical door release for the 2022 Tesla Model 3 wasn’t easily accessible. “The petition cites allegations that the mechanical door release is hidden, unlabeled, and not intuitive to locate during an emergency,” the NHTSA’s Office of Defects Investigation said. The issue is expected to affect about 179,000 vehicles. The NHTSA had opened other investigations into Tesla, including a probe on electronic door lock issues with a different model. Tesla shares ticked higher in premarket trading.
Nike Shares Continue Rise After Apple CEO Stock Purchase
Nike (NKE) shares continued to rise in premarket trading after the athletic apparel maker helped lead stocks higher in Wednesday’s session. Nike shares gained 4.6% Wednesday after a regulatory filing revealed that Apple CEO Tim Cook, a member of Nike’s board, bought nearly $3 million worth of the company’s stock. Despite the surge, Nike shares are lower by 20% so far this year. Nike shares were higher by nearly 0.4% in premarket trading.