Ford, GM, Nvidia, HP Inc., Semtech, and more stock market drivers

Stock futures pointed slightly higher on Thursday after

Standard & Poor’s 500

Stocks closed higher after a US inflation report makes it unlikely the Federal Reserve will raise interest rates when it meets next week. On Thursday, investors will get another reading on inflation, this time in the form of the Producer Price Index, which measures inflation at the wholesale level.

Ford (F) stock rose 0.2% and General Motors (GM) rose 0.4% ahead of the late Thursday deadline for the United Auto Workers union strike. UAW President Sean Fine said late Wednesday that the union and the Big Three automakers, including Stellantis (STLA), remain “very far apart” on the union’s key priorities regarding wage increases, and that the UAW is preparing to strike. All three companies new tactics after 11:59pm on Thursday.

Arm Holdings’ IPO was priced at $51 per share, at the top of the expected range, giving the chip design company a valuation of $54.5 billion on a fully diluted basis. Arm shares will begin trading Thursday on the Nasdaq under the stock symbol “ARM.” Before Arm’s debut, shares of the chip manufacturers were trading higher. Nvidia (NVDA) shares rose 1.1%, US-listed Taiwan Semiconductor Manufacturing (TSM) shares rose 0.9%, Intel (INTC) shares rose 0.3%, and Qualcomm (QCOM) shares rose 0.4%.

HP Company HPQ shares fell by 1.2% after Warren Buffett’s Berkshire Hathaway (BRK.B) revealed that it had sold 5.5 million shares in the company that manufactures personal computers and printers. This was the first sale of HP stock
a company.

Since Berkshire Hathaway acquired a 12% stake in the company in early 2022.

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Semiconductor supplier Semtech ( SMTC ) fell 3.9% after forecasting a fiscal third-quarter loss of between 9 cents to 22 cents per share on revenue of $190 million to $210 million. Analysts had estimated adjusted earnings of 12 cents per share on revenue of $247.7 million.

Norwegian Cruise Line (NCLH) and Carnival (CCL) have been upgraded to buy from Neutral in Redburn, Fly reported. Norwegian shares rose 1.7% in premarket trading and Carnival stock rose 1.9%. Redburn analysts maintained their recommendation for Royal Caribbean (RCL) at Neutral. Royal Caribbean shares rose 1.1%.

Earnings reports are expected after the closing bell on Thursday from software company Adobe (ADBE), homebuilder Lennar (LEN), and online auto auction Copart (CPRT).

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Write to Joe Woelfel at [email protected]