TLDR
- Stock futures rose Friday after Fed Chairman Kevin Warsh said little about inflation, raising hopes rates will hold steady at the Oct. 27-28 meeting.
- Tesla jumped about 5% in premarket trading after showing its new Roadster, with production set for 2028.
- Strategy fell 3% after MSCI approved rules that could remove it from its indexes on Nov. 30.
- CoreWeave dropped nearly 4% as worries grew over its $50 billion in debt.
- Netflix slid after naming Peter Rice as chief content officer, replacing Bela Bajaria on Oct. 26.
U.S. stock futures pointed higher on Friday. Federal Reserve Chairman Kevin Warsh said little about inflation at an IMF meeting.
That strengthened hopes the central bank will hold rates steady at its Oct. 27-28 meeting. The S&P 500 and Nasdaq Composite were still on track for weekly declines.
By 5:21 a.m. ET, S&P 500 futures had gained 0.2%. Dow futures climbed 0.4%, while Nasdaq 100 futures were mostly unchanged.
Tesla Shows Roadster
Tesla shares rose nearly 5% in premarket trading. The company unveiled its new Roadster during a live demonstration on Thursday evening.
The event took place at SpaceX’s test facility in McGregor, Texas. The car used pressurized air to jump and correct its position before landing on all four wheels.
Elon Musk said production would begin in 2028. SpaceX stock added 2.5%.
Strategy and CoreWeave Slide
Strategy fell 3% in premarket trading. MSCI announced new rules for companies with mostly non-operating assets.
MSCI will use screens for operating assets and five financial ratios. These replace earlier limits aimed at firms with digital asset holdings of at least 50% of total assets. The rules take effect with the November index review.
CoreWeave fell 3.8% to $67.10 before the opening bell. Investors are watching its debt of about $50 billion and the cost of building AI infrastructure.
Shares have dropped 15% over the past five sessions. AI-related stocks faced renewed pressure around the world.
Netflix and Other Movers
Netflix dropped about 2% after announcing a leadership change. Peter Rice, the former chairman of Walt Disney Television, will become chief content officer on Oct. 26.
He replaces Bela Bajaria, who is leaving after nearly a decade at the company. Rice will oversee scripted and unscripted series, films and live events worldwide.
Alcoa gained 2.5% after third-quarter earnings of $1.82 per share beat expectations of about $1.54. Revenue was $3.7 billion, up 24% from a year earlier but slightly below forecasts.
Cohen & Steers rose 5.8% after reporting $1.6 billion in net inflows. J.B. Hunt Transport Services fell 1.4% after warning that profit could drop 5% to 10% because of higher fuel prices.
Site Centers jumped 18.3% after announcing a $3.00-per-share special dividend. It is payable Nov. 5 to shareholders of record on Oct. 27.
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