5 Things to Know Before the Stock Market Opens : JPM Stock

 

JPMorgan Chase (JPM) shares are rising in premarket trading after its results beat estimates; investors are watching wholesale inflation numbers following yesterday's CPI report; Tesla (TSLA) shares are sinking after unveiling its "Cybercab"; Warren Buffett's Berkshire Hathaway (BRK.A) reduces its stake in Bank of America (BAC) to below 10%; and shares of Advanced Micro Devices (AMD) are rebounding slightly after falling yesterday following an artificial intelligence (AI) event. Here's what investors need to know today.

1. JPMorgan Shares Move Higher on Revenue, Earnings Beat

Shares of JPMorgan Chase (JPM) are rising about 1.5% in premarket trading after the world's largest bank by market cap reported earnings per share (EPS) of $4.37 on revenue of $42.65 billion, above consensus estimates of analysts compiled by Visible Alpha of $3.97 and $40.85 billion, respectively.1 JPMorgan shares have gained more than 25% this year.

2. Investors Await Wholesale Inflation Report

After yesterday’s Consumer Price Index (CPI) indicated that inflation isn't falling as fast as some economists expected, investors will be closely watching another data point with today's 8:30 a.m. ET release of the wholesale-focused Producer Price Index (PPI). Economists surveyed by The Wall Street Journal and Dow Jones Newswires projected that prices at the wholesale level will have increased by 0.1% in September from the prior month, down from a 0.2% rise in August.2

3. Tesla Stock Sinks After 'Robotaxi' Event

Tesla (TSLA) shares are dropping 6% in premarket trading after the electric vehicle maker unveiled several new products at an event yesterday, including its highly anticipated "Cybercab" robotaxi. Tesla also showed off a larger version of the autonomous vehicle called a "Robovan," as well as its Optimus humanoid robot. Tesla Chief Executive Officer (CEO) Elon Musk said that the Cybercab would cost about $30,000 and be in production by 2026.

4. Berkshire Hathaway Again Reduces Stake in Bank of America

Berkshire Hathaway (BRK.A) continues to reduce its stake in Bank of America (BAC). According to a Thursday filing with the Securities and Exchange Commission (SEC), Berkshire CEO Warren Buffett sold more than 9.5 million shares of the bank's stock.3 The move lowers Berkshire's stake in Bank of America to less than 10%, meaning it will face fewer reporting requirements from the SEC.4 Shares of Bank of America are up about 2% in premarket trading.

5. AMD Stock Rebounds After Falling on AI Chip Event

Shares of Advanced Micro Devices (AMD) are rebounding by about 1% in premarket trading after they fell about 4% in the prior session following an event to show off the chipmaker's next generation of artificial intelligence (AI) technology. At the event, AMD unveiled its fifth-generation EPYC server processor, as well as its Instinct MI300X series Graphics Processing Unit (GPU) chip and other technology. The lineup initially failed to excite investors who are eager to see the company take on Nvidia (NVDA).

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