NEW YORK, NY – A slight uptick in stock futures was observed on Friday, triggered by a significant boost from the most recent initial public offering (IPO). Key assets linked to the Dow Jones Industrial Average witnessed a gain of 94 points, marking a 0.27% increase. Additionally, S&P 500 futures observed a climb of 0.12%, while Nasdaq 100 futures saw a slight drop of 0.1%.
Despite the announcement of improved-than-expected quarterly earnings, Adobe shares took a 1.6% hit in after-hours trading. Home-building giant Lennar also experienced a slight dip of 0.6% despite beating economic forecasts. Meanwhile, tech company Arm Holdings recently entered the market, adding close to 7% in after-hours trading.
In significant industry news, a United Auto Workers strike prompted the closure of three major plants. This move disrupted operations for GM in Wentzville, Missouri; Ford in Wayne, Michigan; and Stellantis in Toledo, Ohio. Preliminary trading saw Ford’s shares drop by 1.7%, GM by 1.5%, while Stellantis shares experienced an upward trend of 0.7%.
In the previous day’s trading session, Wall Street welcomed the prospect of technology IPOs ending a dry spell and also reviewed the most recent set of economic data. The Dow rose 331.58 points which translated to an increase of 0.96%, marking its best performance in over a month. S&P 500 and the Nasdaq Composite also experienced gains, marking a rise of 0.84% and 0.81%, respectively.
Arm Holdings experienced an impressive 25% surge on its market debut. Its shares opened above the IPO price of $51 and closed at a substantial $63.59. Subsequently, the company’s stock climbed an additional 6.3% in premarket trading the following day.
August saw the headline producer price index rise by 0.7%, exceeding economist predictions. However, the core PPI aligned with projections, marking an increase of 0.2%. Analysts and investors alike continue to detail the economic landscape, preparing for a fresh collection of essential data, including a preliminary consumer sentiment rating for September and August import and export prices. Simultaneously, August’s industrial and manufacturing production data are also awaited.
