Stock futures are pointing to a higher open for major indexes as investors digest a flurry of corporate earnings reports, while gold continues hitting new highs; Walmart (WMT) shares are higher after closing at record highs the last two days following news of the retailer’s collaboration with OpenAI; Salesforce (CRM) shares are gaining after the company issued new long-term revenue projections; Taiwan Semiconductor Manufacturing Co. (TSM) shares are rising as strong AI chip demand continues to fuel sales growth; and Nestlé is laying off 16,000 workers. Here’s what you need to know today.
1. Stock Futures Rise, Gold Sets Another Record High
Stock futures are higher as strong earnings reports from banks continue to roll in. Futures tied to the Dow Jones Industrial Average were up 0.2% recently, after the blue chip index closed fractionally lower yesterday. Futures linked to the benchmark S&P 500 and the tech-heavy Nasdaq, both of which finished higher on Wednesday, were up 0.4% and 0.6%, respectively, this morning. Gold was up 1.4% at $4,260 an ounce, as investors continue pouring money into the safe-haven asset amid stock market volatility and economic uncertainty. Bitcoin (BTCUSD) was little changed at $111,600, trading near its lowest levels of the month and well below the record high of $126,000 set early last week. The yield on the 10-year Treasury note, which affects borrowing costs on a array of loans, was at 4.01%, down from 4.04% yesterday.
2. Walmart Hits Record Highs on OpenAI Collaboration
Walmart (WMT) shares are slightly higher in premarket trading after closing at record highs the past two sessions following news the retail giant would team up with ChatGPT developer OpenAI. The collaboration, announced Tuesday, will allow shoppers to discover and buy items via instant checkout directly through the AI platform. The stock has gained 21% so far this year, outpacing broader market returns, as the retailer has benefitted from strong e-commerce sales and demand across income levels amid economic uncertainty. Walmart shares were up 0.1% before the opening bell, after gaining nearly 7% over the previous two sessions.
3. Salesforce Surges on Fresh Revenue Outlook
Salesforce (CRM) shares are surging in premarket trading after the customer relationship software maker announced new long-term revenue targets as part of its annual conference. Salesforce said it expects $60 billion in revenue in 2030, which would reflect an annual growth rate of around 10%. The projections exclude impacts from the company’s $8 billion acquisition of data management software provider Informatica. The fresh outlook comes after the cloud-based software company recently issued current-quarter growth projections that came in below expectations. Salesforce shares, which come into today’s session down roughly 30% so far in 2025, were up nearly 6% in recent trading.
4. TSMC Reports Strong Revenue Growth on AI Chip Demand
Taiwan Semiconductor Manufacturing Co. (TSM) reported a huge increase in third-quarter revenue as the chipmaker continued to see strong demand amid the AI spending boom. TSMC posted third-quarter revenue of $33.10 billion, up 41% from the year-ago period and 10% from the second quarter this year. The company is forecasting fourth-quarter revenue of between $32.2 billion and $33.4 billion. TSMC shares were up 2% in recent premarket trading.
5. Nestlé Plans to Cut 16,000 Jobs
Nestlé announced plans to cut 16,000 jobs over the next two years. About 12,000 of the eliminated will be in white-collar roles, while the remainder will be manufacturing and supply chain jobs. Nestlé said it expects to save CHF 1.0 billion ($1.256 billion) by the end of 2027. The move by new CEO Philipp Navratil comes after the company dismissed its former chief executive in September over an undisclosed relationship with a subordinate. Nestlé shares traded in Switzerland moved sharply higher Thursday.