Pre-Bell | Stock Futures Rise; Alphabet Jumps 1%; Novo-Nordisk, Dell Gain 3%; Urban Outfitters Surges 16%; HP Sinks 4%; Li Auto down 3%

Stock futures rose on Wednesday, with Wall Street looking to build on back-to-back winning sessions.

Market Snapshot

At 8:17 a.m. ET, Futures tied to the Dow Jones Industrial Average ticked up 10 points, 0.1%. S&P 500 futures and Nasdaq 100 futures gained 0.1% and 0.2%, respectively. Novo-Nordisk A/S rose 3%.

Pre-Market Movers

Alphabet rose 1.2% ahead of the opening bell, putting the Google parent on course to build on Tuesday’s record closing high of $323.44. Shares have surged more than 70% in 2025, on pace for their best year since 2009, which has driven the search-engine provider’s valuation to just under $4 trillion. Investors are betting Alphabet can become a dominant player in artificial intelligence due to its Gemini 3 large-language model and tensor processing unit chips.

NVIDIA slid 1% in premarket trading, having dropped 2.6% the previous session. Shares have taken a battering over the past month, with investors worrying Alphabet could snatch away some of the AI chip maker’s market share. Those worries grew on Tuesday: Facebook owner Meta Platforms is in talks to start using Google’s TPUs, The Wall Street Journal reported, citing people familiar with the matter.

Apple climbed 0.4%. If the iPhone maker can hold those slender gains until the close, it will eke out another all-time high, having ended Tuesday trading at a record $276.97. Shares have edged higher over the past month, with investors looking for havens amid worries about bloated AI valuations. The company’s market capitalization stands at $4.09 trillion, about $230 billion away from taking Nvidia’s crown as the most valuable U.S. company.

Dell Technologies Inc. added 3%, after the PC maker reported better-than-expected third-quarter results and raised its AI server guidance.

HP Inc tumbled 4% after the IT company warned that skyrocketing prices for memory chips could be a drag on its results for the current fiscal year, which overshadowed better-than-expected results for the fiscal fourth quarter.

Li Auto American depositary receipts were 3% lower after the Chinese electric-vehicle maker reported an unexpected adjusted loss for the third quarter.

Autodesk jumped 7.4% after the maker of AutoCAD and other digital design software topped analysts’ third-quarter earnings target and raised its outlook.

NetApp gained 6.4% after the data infrastructure company reported better-than-expected second-quarter results, as the rise of AI helps to drive up demand.

Nutanix Inc. tanked 15% after the cloud computing company met analysts’ expectations for its fiscal first quarter but cut its full-year sales outlook, citing a shift in revenue to future periods.

Urban Outfitters surged 16% after the clothing retailer reported better-than-expected earnings for the quarter, as same-store sales climbed 8%.

Workday dropped 6% after the human resources software provider reported third-quarter revenue that was in line with expectations, failing to reassure investors who were worried about weakening demand.

Zscaler Inc. fell 7%, even though the cybersecurity company reported a profit for its first quarter, as in-line guidance gave investors the opportunity to sell shares following a 61% rally this year.

Market News

Tesla Struggles to Course Correct from Sales Skid

Tesla Motors CEO Elon Musk has spent much of this year focused on the carmaker’s robotics pursuits and winning shareholder approval for his freshly minted $1 trillion pay package. In the meantime, the outlook for Tesla's main business – selling cars – is darkening.

Tesla faces sales pressure in the world’s three biggest car markets: Europe, China and the United States. The electric-vehicle maker's sales fell 48.5% across Europe in October versus the same month last year, according to data released by the European Automobile Manufacturers' Association on Tuesday. For the year, its sales are down about 30% in the region, while industrywide EV sales jumped 26%.

Google’s AI Chips “Great Thing” but Will Not Shake Nvidia: Wedbush

Wedbush said Google’s Tensor Processing Units, or TPUs, are not shaking NVIDIA's CEO Jensen Huang, following reports that Meta Platforms is in talks to spend billions on the Alphabet unit's AI chips.

"Google's TPU chips along with its key partner Broadcom are now front and center and gaining some clear momentum in the AI market and this is a great thing...just like AMD's (AMD) recent success and we will see in the future with other Big Tech stalwarts getting in the AI chip Race and monetization around this 4th Industrial Revolution. That said, the AI Revolution starts and end with Nvidia today and that is not changing for another few years," said analysts led by Daniel Ives.

Deutsche Bank Says Gold Is Setting up for a Run Toward $5,000 in 2026

As the year is nearing its end, gold has enjoyed a great run, as the metal has surged 58.5% since the start of 2025.

Gold's golden run might also continue next year. Deutsche Bank has lifted its 2026 forecast to $4,450 an ounce from $4,000/oz and flagged the possibility of prices nearing $5,000 as structural forces tighten the market.