Stocks Moving Premarket: Tesla Pops on Roadster Reveal, CoreWeave Slides on AI-Debt Worries and Alcoa Beats on Profit
Tesla jumped about 4% to 5% on its new Roadster, CoreWeave fell 4% on AI debt concerns, and Alcoa rose after a Q3 profit beat as futures edged up following a hot PPI report. Plus bank earnings, the week-ahead calendar & what to watch.
U.S. stock futures were modestly higher Friday, Oct. 16, after a rough Thursday for chips and AI names and a hot producer price report. Tesla is the headline mover after unveiling a redesigned Roadster, CoreWeave is lower on concerns about its debt-funded buildout, and Alcoa is up after beating profit estimates. Regional bank earnings arrive before the open. Stocks trade normally today. All moves below are premarket and can change by the open.
Economic calendar: today and the coming week
Thursday's producer price report ran hot, according to Schwab: headline PPI rose 1.3% on the month (6.3% from a year earlier) and core PPI rose 0.7%, versus 0.3% expected. After the data, CME FedWatch showed about a 34% chance of a rate hike at the Fed's late-October meeting, per Schwab, while Benzinga's Friday-morning reading put the odds of a hold near 85%. The two figures were taken at different times. Fed Chair Kevin Warsh spoke at the IMF-World Bank meetings and, per Investrade, said little on near-term policy. The Fed meets Oct. 27 to 28, and September PCE inflation follows on Oct. 29, per Schwab. Investrade lists no Fed speakers next week. All times are Eastern; the sources gave only before-open or after-close timing for earnings.
| Day | Time | Event |
|---|---|---|
| Fri, Oct. 16 | 8:30 AM | September import prices |
| Fri, Oct. 16 | 9:15 AM | September industrial production and capacity utilization |
| Fri, Oct. 16 | Before the open | Earnings: Citizens Financial and Truist (reported), M&T Bank, Regions Financial, Travelers |
| Fri, Oct. 16 | 1:00 PM | Baker Hughes weekly rig count |
| Mon, Oct. 19 | 10:00 AM | NAHB Housing Market Index. Earnings before the open: Cleveland-Cliffs, Fifth Third; after the close: Zions, Steel Dynamics |
| Tue, Oct. 20 | 8:30 AM | Housing starts and building permits (September); pending home sales at 10:00 AM. Earnings before the open: GE, GM, RTX, 3M, Northrop Grumman; after the close: Netflix, Capital One, United Airlines, Intuitive Surgical |
| Wed, Oct. 21 | 7:00 AM / 10:30 AM / 1:00 PM | MBA mortgage applications; weekly DOE crude inventories; $13 billion 20-year note auction. Earnings before the open: Abbott, Danaher, Thermo Fisher, NextEra, AT&T; after the close: Meta, Tesla, IBM, Texas Instruments, Lam Research |
| Thu, Oct. 22 | 8:30 AM | Weekly jobless claims; Leading Index at 10:00 AM. Earnings before the open: Comcast, Lockheed Martin, Honeywell, Procter & Gamble, Union Pacific, Spotify; after the close: Deckers, Western Digital, Newmont |
| Fri, Oct. 23 | 9:45 AM / 10:00 AM | October flash PMIs; University of Michigan final sentiment and inflation expectations. Earnings before the open: American Express, SLB |
Notable premarket moves
| Company | Ticker | Premarket | Why |
|---|---|---|---|
| Tesla | TSLA | +4.4% | Unveiled a redesigned Roadster developed with SpaceX at a live demo in McGregor, Texas; production is targeted for 2028. Other sources put the gain at +4% to +5% |
| SpaceX | SPCX | +2.5% | Shares rose alongside Tesla's Roadster demo, which took place at SpaceX's test facility, as reported by MoneyCheck |
| Alcoa | AA | +2.1% | Third-quarter adjusted EPS of $1.82 beat the roughly $1.47 consensus; revenue of $3.70 billion was slightly below the $3.79 billion estimate. Other sources put the gain near +2.5% |
| Cohen & Steers | CNS | +5.8% | Reported $1.6 billion in net inflows, as reported by MoneyCheck, which did not specify that the move was premarket |
| CoreWeave | CRWV | -4.1% | Investors are worried about its debt-financed AI data center expansion; some long-term bond yields are near 15%, per TradingKey. Benzinga also cited a Gartner warning that neoclouds could face impairment losses by 2030 |
| Strategy | MSTR | -3% | MSCI approved rules for companies with mostly non-operating assets that could remove it from its indexes on Nov. 30 |
| Micron | MU | -2% | Chip and memory stocks fell again on AI financing costs and valuation concerns; SOXX fell for an eighth straight session Thursday |
| Netflix | NFLX | -2% | Named Peter Rice chief content officer, replacing Bela Bajaria, effective Oct. 26, as reported by MoneyCheck, which did not specify that the move was premarket |
| AMD | AMD | -1.4% | Same pressure on high-valuation chip stocks |
| J.B. Hunt | JBHT | -1.3% | Q3 EPS of $1.82 missed the $1.90 estimate while revenue of $3.68 billion beat; it warned that higher fuel prices could cut profit 5% to 10%, per MoneyCheck |
| Interactive Brokers | IBKR | -1.1% | Q3 adjusted EPS of $0.67 versus $0.68 expected, on revenue of $1.91 billion versus $1.89 billion |
| Fox Factory | FOXF | -23.7% | Shares near $14.12 per StockAnalysis; market cap about $778 million. We could not confirm the catalyst in the sources reviewed |
Also on the earnings calendar: Citizens Financial reported Q3 EPS of $1.41 versus $1.39 expected, raised its dividend 13% and lifted its buyback authorization to $1.95 billion. Truist earned $1.16 versus $1.21 expected on revenue of $5.3 billion, with $1.45 billion in securities losses, per Investrade. Investrade also reported that Proofpoint agreed to acquire Varonis (VRNS) for $49.75 per share in cash, a deal valued at about $6.3 billion; we did not find a premarket move for Varonis.
Analyst calls
The sources we reviewed reported no formal rating changes or price-target updates this morning. On Thursday, Deutsche Bank upgraded Walmart to buy and Barclays downgraded Dell, according to Schwab.
Futures, yields and commodities
Early Friday, S&P 500 futures were up roughly 0.1% to 0.2% and Dow futures up about 0.1% to 0.4%, while Nasdaq 100 futures were flat to slightly lower; the figures differ by timestamp. Benzinga showed SPY up 0.24% and QQQ up 0.13% premarket. The 10-year Treasury yield was near 5.1%, down from a 24-year high of 5.36% last week. WTI crude was about $97 (+1.0%), spot gold about $4,185 (+0.7%) and bitcoin about $82,100, per Benzinga. The Nasdaq Composite fell about 1.9% Thursday, per Schwab, and the PHLX Semiconductor Index entered correction territory.
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