US Open: US100 loses 0.3% in pre-market 🗽Nvidia gains amid Trump decision on AI chip export to China

S&P 500 futures (US500) are slightly down on Tuesday as investors avoid taking big positions ahead of this week’s Federal Reserve interest rate decision. Nasdaq 100 futures are off 0.3%, but Nvidia is up in pre-market after President Donald Trump allowed the company to export its H200 AI chip to China in exchange for a 25% surcharge. Now markets are waiting for the JOLTS data planned for 3 PM GMT.

• ADP NER Pulse signalled that private employers added 4,750 jobs per week.

• Wells Fargo CEO Scharf claims that: 'The US holiday spending a touch higher YoY in the first weeks. Consumer spending levels remain strong.'

• According to FactSet data as of December 4, 83% of S&P 500 companies beat earnings forecasts for Q3; the fastest-growing of the index’s 11 sectors was Information Technology (+29% YoY).

• FactSet also indicates that Q3 delivered an average earnings growth of 13.4% YoY, while the S&P 500 itself rose 13.1% YoY during the same period; this marked another consecutive quarter of double-digit growth momentum in the U.S.

• US NFIB Business Optimism Index came in at 99 vs 98.3 exp. and 98.2 previously

The NFIB index is one of the key indicators of the U.S. economy, as small businesses in the United States employ nearly 50% of all workers. The improvement in sentiment largely stems from interest rate cuts and expectations of lower rates in 2026. Futures on the Russell 2000 (US2000) which groups smaller U.S. companies (though still too large to report to the NFIB) are trading near their historical highs. 

US100 (D1 interval)

Source: xStation5
 

Company news

• Almonty Industries shares fall 18% after pricing 18 million shares at 6.25 dollars in an upsized equity offering worth 112.5 million dollars (ALM.US).
• Ares Management jumps 7.7% after S&P Dow Jones Indices announced the stock will replace Kellanova in the S&P 500 on December 11 (ARES.US).
• CVS Health climbs 3.1% after raising its adjusted profit and revenue outlook for 2025 and laying out growth targets through 2028 (CVS.US).
• FMC Corp. slips 1.2% after Barclays downgraded the stock to underweight from equal weight, citing margin pressure expected in 2026 (FMC.US).
• Galaxy Digital rises 1.7% after Citizens initiated coverage with a market-outperform rating and a Street-high price target of 60 dollars (GLXY.US).
• Geopark drops 12% after Parex Resources ended discussions over a potential acquisition (GPRK.US).
• Graphic Packaging falls 5.6% after the company cut its full-year adjusted EBITDA outlook, with the midpoint landing below analyst expectations (GPK.US).
• PepsiCo edges up 0.1% after striking an agreement with activist investor Elliott Investment Management that includes a 20 percent reduction in its U.S. product lineup and a greater emphasis on affordability (PEP.US).
• RPM International rises 0.7% after RBC Capital Markets upgraded the stock to outperform from sector perform, pointing to improving trends ahead (RPM.US).
• Toll Brothers loses 5.5% after the luxury homebuilder issued a 2026 deliveries forecast that missed consensus expectations (TOL.US).
• Viking Holdings gains 2.2% as Goldman Sachs upgraded the cruise operator to buy from neutral (VIK.US).
• Wave Life Sciences jumps 8%, extending Monday’s remarkable 147 percent surge, after RBC Capital Markets upgraded the company to outperform following “impressive” obesity-related clinical data (WVE.US).

Nvidia (NVDA.US, D1 interval)

Nvidia shares approach EMA50 (the orange line) and Trump announcement may be the important move, supporting sentiments around the stock.

Source: xStation5