S&P 500 futures gain as 10-year Treasury yield hits 2-month low: Live updates

Check out some of the companies making headlines in premarket trading.

Nvidia —The chipmaker rose slightly after surpassing Wall Street estimates for third-quarter earnings. Nvidia reported an adjusted profit of $4.02 per share on $18.12 billion in revenue. Analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue. The company noted that export restrictions to countries including China could hit sales in the fourth-quarter, however.

HP — Shares of the PC maker slipped nearly 2% after the company posted lackluster fiscal fourth-quarter results. HP earned 90 cents per share, excluding items, on revenue of $13.82 billion. Those earnings per share matched an LSEG consensus estimate, but revenue was slightly below consensus.

Autodesk — The software company fell roughly 7% in premarket trading after issuing disappointing fourth-quarter earnings guidance. Autodesk expects earnings per share to range between $1.91 and $1.97. That’s below a StreetAccount forecast of $2.01 per share. Piper Sandler downgraded Autodesk to neutral, noting that “it may take time to build investor confidence” in the company’s growth forecast.

Read the full list here.

— Brian Evans

Clorox added more than 1% in Wednesday premarket trading after JPMorgan took a less sour stance on the consumer products stock.

Analyst Andrea Teixeira upgraded shares to neutral from underweight and raised her price target by $21 to $145. Teixeira’s new target implies she believes shares can rise 4.1% from Tuesday’s close.

The analyst said there is upside potential to consensus expectations going forward with the company’s worst likely behind it. Still, she noted some longer-term concerns around Clorox’s ability to regain all lost market share.

“We believe management talked down numbers to the point of upside risk to rebased Street estimates,” she told clients Wednesday.

The stock has regained ground lost in September and October over the course of this month. Shares are now down less than 1% on the year.

As interest rates continue to drop, mortgage demand is starting to climb higher.

Total mortgage application volume gained 3% last week from the prior week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.41% from 7.61% and points decreased to 0.62 from 0.67 (including the origination fee) for loans with a 20% down payment.

The full story can be found here.

— Hakyung Kim, Diana Olick

Shares of agricultural equipment maker Deere dropped 6% in the premarket after the company issued weaker-than-expected guidance for fiscal 2024. Deere sees net income between $7.75 billion and $8.25 billion during the period. Analysts expected net income guidance of around $9.31 billion, according to StreetAccount.

Japan’s government said it expects the economy to recover but only at a moderate pace.

“The Japanese economy is recovering at a moderate pace, although it recently appears to be pausing in part,” Japan’s Cabinet Office said in a press release.

A global economic slowdown amid monetary policy tightening cycles and waning prospects of a speedier recovery in China were mentioned as key risks to Japan’s growth.

“The Government will accelerate the initiative of new capitalism to transform the economy from a cost-cutting economy that has been in place for 30 years to a growth-oriented economy driven by sustained wage increases and active investment,” the press release said.

— Shreyashi Sanyal

Singapore’s gross domestic product grew 1.1% year on year in the third quarter, beating advance estimates of 0.7% and higher than the 0.5% growth seen in the second quarter.

The 1.1% rate was also higher than expectations from economists polled by Reuters, which expected growth of 0.7%.

Government data showed that on a quarter-on-quarter, seasonally-adjusted basis, GDP climbed 1.4%, sharply higher than the 0.1% seen in the second quarter.

Following the results, Singapore’s trade and industry ministry revised its GDP growth forecast for Singapore to “around 1%” for 2023, from 0.5%-1.5% previously.

— Lim Hui Jie

Big Tech names have been getting a lot of love this year, with investors piling into the so-called Magnificent Seven stocks.

One portfolio manager, however, is shifting his focus to other tech players — particularly small mid-cap names.

“I would probably balance between large cap stocks and start to be more constructive on small mid-cap stocks by increasing my exposure to them,” Karen Kharmandarian, senior portfolio manager at Thematics Asset Management, told CNBC Pro.

CNBC Pro subscribers can discover some of his favorite stocks here.

— Amala Balakrishner

The S&P 500 Technology Index is climbing 12.6% in November to lead the 11 main industry sectors that make up the benchmark index. S&P 500 Communications Services is gaining 10.1% in November, followed by Consumer Discretionary (9.8%), Real Estate (8.8%) and Financials (8.4%), all of which are beating the broader S&P 500’s 8.2% advance.

Underperforming sectors are S&P 500 Industrials, up 7.4%, S&P 500 Materials, ahead 6.0%, S&P 500 Health Care, higher by 4.0%, S&P 500 Utilities, up 3.8%, S&P 500 Consumer Staples, ahead 2.4%, and S&P 500 Energy, down 1.4%.

For the full year, technology is up 50.5%, trailed by communication services 50.4% and consumer discretionary 31.9% — all three of which are beating the S&P 500’s 18.2% gain. Utilities are bringing up the rear, falling 12.3% in 2023, while consumer staples are off 5.7%, health care is down 4.8%, energy is lower by 4.4% and real estate by 2.9%.

— Scott Schnipper

Check out the companies making headlines after hours.

• Autodesk — Autodesk gained more than 4%. The software company exceeded analysts’ third-quarter expectations on the top and bottom lines.
• Nordstrom — Shares of the department store chain inched higher by nearly 1% after Nordstrom reported third-quarter revenue of $3.32 billion, lower than analysts’ estimate of $3.40 billion, per LSEG.

Read the full list here.

— Sarah Min

Nvidia shares moved down 1% in extended trading on Tuesday after the chipmaker reported fiscal third-quarter results that surpassed Wall Street’s predictions. But the company called for a negative impact in the next quarter because of export restrictions affecting sales to organizations in China and other countries.

Here’s how the company did, compared to the consensus among analysts surveyed by LSEG, formerly known as Refinitiv:

• Earnings: $4.02 per share, adjusted, vs. $3.37 per share expected
• Revenue: $18.12 billion, vs. $16.18 billion expected

Stock futures opened lower Tuesday night.

Dow Jones Industrial Average futures fell by 15 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures dipped 0.11% and 0.18%, respectively.

— Sarah Min