Pre-Bell｜Nasdaq Futures Jump 1%; Intel Rockets 30%; Novo Nordisk Gains Nearly 8%; Nvidia Rallies 3%; Tesla Rises 1%; AMD Falls 5%

U.S. stock index futures gained on Thursday, with those tied to the S&P 500 and the Nasdaq at record highs a day after the U.S. central bank delivered a quarter-point interest rate cut, while Intel climbed after Nvidia decided to build a stake in the company.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 265 points, or 0.57%, S&P 500 E-minis were up 49.25 points, or 0.74%, and Nasdaq 100 E-minis were up 259.75 points, or 1.06%.

Pre-Market Movers

Intel soared 30% to $32.33 after Nvidia said it would invest $5 billion in Intel at a purchase price of $23.28 a share as part of an agreement that will see the technology companies co-develop "multiple generations of custom data center and PC products." .

The pact, which also includes a plan for Intel and Nvidia to jointly develop PC and data center chips, represents a potential risk to Taiwan’s TSMC. TSMC currently manufactures Nvidia’s flagship processors, business that the world’s most valuable company could one day extend to Intel. AMD, which competes with Intel for supplying chips to data centers, also stands to lose thanks to Nvidia’s backing. AMD stock fell 5% while TSMC fell 2.7% premarket.

Nvidia, meanwhile, was rising 2.9%. The leading maker of artificial-intelligence chips fell 2.6% on Wednesday after a report from the Financial Times said China's internet regulator had banned the country's biggest tech companies from buying Nvidia's AI chips. Shares have finished lower for three consecutive sessions and four of the past five trading days.

U.S.-listed shares of Novo Nordisk were up 7.7% after a study in people with Type 2 diabetes and cardiovascular disease found that semaglutide, sold under the brand name Ozempic for diabetes, was shown to reduce the risk of heart attack, stroke, and death by 23% compared with dulaglutide, an injectable made by Eli Lilly that goes under the brand name Trulicity. Lilly was up 0.6%.

Tesla was rising 1.1% in premarket trading. Tesla has officially launched its FSD Supervised capability in Australia and New Zealand, marking the fifth and sixth countries in which FSD is now available. The release makes Tesla’s latest version of FSD, V13.2.9 Down Under edition, available to customers with AI4 (Hardware 4) vehicles, in two of the world’s largest right-hand-drive markets.

Nucor was down 3.7% in premarket trading after the steel company cut guidance for the current third quarter, saying it expects profit of between $2.05 and $2.15 a share. Nucor previously guided for "nominally lower" earnings than the second-quarter's $2.60 a share. The company said earnings were expected to decrease across all three of its operating segments from the second quarter of 2025.

Shares of Bullish, the institutional crypto exchange that also operates the news site CoinDesk, rose 8.3% after posting second-quarter earnings of 93 cents a share, a swing from a year-earlier loss of $1.03. It was the first earnings report from Bullish since becoming a publicly traded company in August.

PayPal rose 2.3% after the payments company teamed up with Alphabet, laying out plans to integrate PayPal's payment infrastructure with the Google-parent's artificial-intelligence offerings. Shares of Alphabet were up 1.3%.

StubHub Holdings fell 0.9% in premarket trading. Shares of the popular marketplace for ticket resales made their trading debut Wednesday at $25.35 but finished down 6.4% at $22, below the initial public offering price of $23.50.

Darden Restaurants fell 7% after the operator of Olive Garden and LongHorn Steakhouse narrowly missed fiscal first-quarter earnings expectations.

Market News

SoftBank, OpenAI Japan AI Joint Venture Is Delayed, Source Says

SoftBank's plans to set up a joint venture with OpenAI to bring artificial intelligence services to corporate customers in Japan are significantly behind schedule, according to a source familiar with the matter.

The joint venture was supposed to be set up this summer but preparations are taking longer than anticipated, with an update on progress expected in November, the source said, declining to be named as the details are not public.