Arm IPO Sends Stock Surging, Promising Future Growth and AI Opportunities
Stock futures in the US opened slightly higher following a strong rally in the previous session, with Dow Jones futures up 94 points, S&P 500 futures up 0.12%, and Nasdaq 100 futures down 0.1%. Adobe and Lennar reported better-than-expected quarterly results, but their stocks fell in after-hours trading. Newly debuted Arm Holdings saw a 7% increase in after-hours trading. A United Auto Workers strike shut down three key plants, impacting operations for GM, Ford, and Stellantis. China's retail sales and industrial production beat expectations in August, while fixed asset investment missed expectations. US crude oil prices reached a 10-month high, and the energy sector is on track for a 5% gain in September. Seven out of ten IPOs this year are trading below their debut price. The consumer discretionary sector led weekly gains for the S&P 500, with Tesla and Amazon among the top performers.