Stock futures are mostly inching higher in premarket trading as investors prepare for the release of a key jobs report today. The jobs report is expected to show relatively slow job growth in August.\n<\/p>\n
Tesla (TSLA<\/a>) is proposing a new compensation plan for CEO Elon Musk that would give him more voting power and large incentives to meet aggressive performance targets; Broadcom (AVGO<\/a>) shares are rising on strong sales of AI chips and a big new customer; Lululemon (LULU<\/a>) shares are plunging after it delivered a weak outlook as tariffs impact sales.\n<\/p>\n Here’s what investors need to know today.\n<\/p>\n 1. U.S. Stock Futures Edge Higher <\/p>\n Stock futures are pointing higher in early trading as investors look ahead to today\u2019s jobs report release.\n<\/p>\n S&P 500<\/a> futures are higher by 0.2% after the benchmark index hit a new record high<\/a> in the prior session, while Nasdaq<\/a>-100 futures are up by 0.5%. The Nasdaq Composite rose 1% in yesterday\u2019s trading. Dow Jones Industrial Average<\/a> futures are little changed after it rose by 0.8% in the Thursday session.\n<\/p>\n Bitcoin (BTCUSD<\/a>) is pushing higher to trade at over $112,000. Yields on the 10-year Treasury note are moving lower. Gold futures are inching back above the $3,600 an ounce price level. Oil futures are declining.\n<\/p>\n 2. Jobs Report to Land as Fed Looks Ahead to Next Interest-Rate Move <\/p>\n The economy is expected to continue its recent trend of relatively low job growth when the latest U.S. employment report is released at 8:30 a.m. ET.\n<\/p>\n Employers likely added 75,000 jobs in August, a slight uptick from the anemic 73,000 added in July, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. They expect the unemployment rate to come in at 4.3%, slightly higher than the prior month’s 4.2% level.\n<\/p>\n July’s jobs report showed unexpected weakness in the labor market<\/a>, raising the possibility that the Federal Reserve will cut interest rates<\/a> at its next meeting later this month.\n<\/p>\n 3. Tesla Asks Shareholders to Approve New Pay Package for Musk <\/p>\n Tesla (TSLA<\/a>) in a regulatory filing asked investors to approve a new pay plan for\u00a0CEO Elon Musk<\/a>\u00a0that could increase his voting power and give him as much as 12% ownership of the company.\n<\/p>\n The plan would grant Musk up to 12 tranches of Tesla shares if certain performance milestones, which include both production goals and increases in\u00a0adjusted EBITDA<\/a>, are met It would also increase his voting share, a\u00a0condition he has previously demanded<\/a>. Shareholders will be asked to vote on the new pay package during the company’s Nov. 6 meeting.\n<\/p>\n “Retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history,” the company said in a filing.\n<\/p>\n Tesla shares are higher by 2% in premarket trading.\n<\/p>\n 4. Broadcom Shares Soar as Strong AI Demand Lifts Chip Sales <\/p>\n Broadcom (AVGO<\/a>) shares were up some 10% premarket. The chipmaker last night reported record quarterly sales<\/a> as demand for its AI offerings surged.\n<\/p>\n Broadcom posted quarterly adjusted earnings per share of $1.69 on revenue that jumped 22% year-over-year to a record $15.95 billion, both topping analysts’ estimates compiled by Visible Alpha. CEO Hock Tan said the company expects AI semiconductor revenue could climb to $6.2 billion in the current quarter, “delivering eleven consecutive quarters of growth, as our customers continue to strongly invest.” The company forecast fiscal fourth-quarter revenue of $17.4 billion, slightly above consensus.\n<\/p>\n The company also last night reported a new multibillion-dollar customer, which reports suggest<\/a> is OpenAI. The ChatGPT maker is also reportedly designing new chips with Broadcom.\n<\/p>\n 5. Lululemon Shares Fall as Outlook Soured by Tariffs <\/p>\n Shares of Lululemon Athletica<\/a> (LULU<\/a>) dropped by 19% in premarket trading after the athletic wear maker\u2019s yearly outlook fell short of expectations.\n<\/p>\n Lululemon posted a 7% increase in quarterly revenue to reach $2.5 billion, slightly below analyst estimates compiled by Visible Alpha, while its adjusted earnings per share of $3.10 was ahead of estimates of $2.86. However, the 1% increase in comparable store sales was below estimates of 2.76%. Its full-year revenue guidance of $10.85 billion to $11 billion fell short of the Visible Alpha consensus of $11.18 billion, while its earnings per share projections of $12.77 to $12.97 was well below expectations of $14.36.\n<\/p>\n CFO Meghan Frank said that industry-wide challenges, including tariffs, prompted the company to adjust its full-year outlook.<\/p>\n","protected":false},"excerpt":{"rendered":"Stock futures are mostly inching higher in premarket trading as investors prepare for the release of a key…\n","protected":false},"author":2,"featured_media":4808,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[138,220,111,139,69],"class_list":{"0":"post-4807","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/4807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=4807"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/4807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/4808"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=4807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=4807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=4807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}