US Pre-Market: Nvidia Market Value Exceeds 5.5 Trillion. Warsh Formally Confirmed as New Fed Chair, Semiconductor Sector Under Pressure Pre-Market
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U.S. stock index futures showed mixed performance pre-market, with Dow Jones futures leading gains. Semiconductor stocks faced pressure, while crude oil recovered from an intraday dip below $100. The market watched for positive developments from Trump's visit to China. The Yen weakened significantly against the USD, and the USD/CNY hit a 39-month low. POET Technologies surged on a partnership announcement. NVIDIA saw gains following reports of U.S. authorization for Chinese companies to purchase its chips. Cisco rose on better-than-expected earnings and guidance, alongside a layoff announcement to focus on AI. Key U.S. economic data releases are anticipated.
TradingKey - On May 14 ET, the three major U.S. stock index futures fluctuated in pre-market trading. Dow Jones futures continued to climb, up 0.64%, while Nasdaq 100 futures rose 0.19% and S&P 500 futures gained 0.24%. Most stocks related to the Philadelphia Semiconductor Index were under pressure.
WTI crude oil briefly fell below $100 before recovering. The market is focused on market-boosting news regarding Trump's visit to China.
In foreign exchange:
Despite the Bank of Japan's intervention, the Yen continues to weaken; as of press time, USD/JPY touched 158 intraday.
USD/CNY hit a 39-month low. As of press time, USD/CNY dropped to as low as 6.785.
Market Volatility
U.S. optical communications stock POET Technologies saw its pre-market gains expand to 27%. POET and Lumilens announced today that they have reached a supply agreement and established a strategic joint development and commercial technology partnership to advance novel wafer-level photonic integration for cutting-edge AI infrastructure.
NVIDIA rose more than 2%; reports indicated that the U.S. has authorized 10 Chinese companies, including Alibaba, ByteDance, Tencent, and JD.com, to purchase NVIDIA H200 chips, with distributors such as Lenovo and Foxconn also permitted to buy.
Memory chip stocks fell broadly, with Micron Technology and SanDisk both dropping more than 2% at one point. The sector saw a collective correction following excessive previous gains.
Cisco rose nearly 20% pre-market before paring gains to 15%. Third-quarter revenue and EPS slightly beat expectations; current-quarter revenue guidance is at least nearly 6% above analyst estimates, and EPS guidance is more than 8% higher than expected. To refocus on the AI era, Cisco will lay off nearly 4,000 employees.
Market Headlines
U.S. Secretary of State Marco Rubio described U.S.-China relations as highly constructive. The ToSun press corps interviewed U.S. Secretary of State Marco Rubio, who attended the meeting. Regarding the future of U.S.-China relations, he stated that the relationship between the two nations is vital and constructive, adding that "global stability is in everyone's interest."
Elon Musk said the talks went smoothly, and Jensen Huang praised Tim Cook for flashing a peace sign. According to reports, when the White House press corps asked attendees how the talks went, Elon Musk described the meeting as "very smooth" and said "many good things are happening." Tim Cook first flashed a peace sign to the camera and then gave a thumbs-up. Jensen Huang remarked, "The talks went very well," and added that both heads of state were "fantastic."
Key Data/Events Preview
U.S. Retail Sales MoM (%) for April
U.S. Initial Jobless Claims for the week ending May 9 (10,000s)
U.S. Import Price Index MoM (%) for April
Bank of England Chief Economist Huw Pill delivers a speech
U.S. President Trump pays a state visit to China
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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