Proactive Investors -
- Dow Jones opens around 70 points lower
- S&P up 2 points, Nasdaq up 26 points
- Dell rallies 24% on AI-focused Q4 update
10:01am: Wall Street opens flat as manufacturing output ticks higher
Wall Street opened relatively flat on Friday, with the Dow Jones around 68 points lower, while the S&P 500 and the Nasdaq are up by 2 points and 26 points respectively.
In macro news, US manufacturing PMI figures came in at 52.2 points for February, building on January's 50.7 and improving on forecasts of 51.5.
In equities, Dell opened around 24% higher after its fourth-quarter earnings saw both revenue and profits beat Wall Street estimates as it continues to benefit from the rise of AI.
New York Community Bankcorp is down around 25% after its fourth-quarter update came with the exit of its CEO and the tenfold increase of losses to US$2.7 billion.
Other movers include Braodcom (+4%), Zscaler (NASDAQ:ZS) (-10%), Xcel Energy (NASDAQ:XEL) (-5%), Micron Technology (NASDAQ:MU) (+3%), NetApp (NASDAQ:NTAP) (+25%) and Las Vegas Sands (-6%).
8:21am: Wall Street to open flat after record February
Wall Street is set to open relatively flat on Friday, with the Dow Jones around 15 points higher at 38,960, while the S&P 500 is stuck at 5,104.
Nasdaq's lead index is trading around 19 points at 18,102.
The indexes begin March after a bullish February, which saw both the Nasdaq and S&P 500 reach record highs, largely driven by the huge gains of tech companies like Nvidia, which rallied 25% last month.
Leading the pre-market movers are Adial Pharmaceuticals, which rallied 94% on the back of receiving a patent to treat opioid use disorder, Marathon Digital (NASDAQ:MARA) (-16.53%) and Advanced Micro Devices (NASDAQ:AMD) (+9%).
Also making a stir in the US is news that lawyers on behalf of Elon Musk filed a civil lawsuit against ChatGPT developer OpenAI and its founders.
Musk alleges that the founding principles of OpenAI as an organisation that would develop artificial general intelligence (AGI) “for the benefit of humanity” have been lost in favour of maximising shareholder profits.