US Market Outlook: Mixed Futures, Gold Surges, Strong Earnings from Lumentum and AMD

US Pre-Market Update: Mixed Signals Ahead of Employment Data

As of Wednesday pre-market, the three major US stock index futures showed mixed results. The Dow futures rose by 0.26%, while the Nasdaq futures fell by 0.21%, and the S&P 500 futures increased by 0.13%.

Employment Data Release

The anticipated "little non-farm" employment report is set to be released tonight, with January ADP employment numbers at 22,000, falling short of the expected 48,000 and previous value of 41,000.

Tech Stocks Performance

Star tech stocks displayed mixed movements pre-market.

• AMD dropped over 9%.
• Google stocks (GOOG, GOOGL) rose by over 1%.

Chinese Stocks Update

Popular Chinese stocks also showed varied performance:

• NetEase (NTES) fell over 3%.
• Baidu (BIDU) and Trip.com (TCOM) dropped nearly 3%.
• Pinduoduo (PDD) saw a slight increase.

Precious Metals and Bitcoin Trends

Spot gold and silver continued to rebound, with gold rising nearly 2% to surpass $5,000, and silver increasing over 5% nearing $90.

Bitcoin, however, continued its decline, briefly dropping below $73,000 before recovering to above $76,000. Analysts noted that despite attempts to buy on dips, further price drops led to increased selling pressure.

AI Market Competition

In the AI chatbot market, ChatGPT's market share fell from 69.1% to 45.3%, while Gemini's share rose from 14.7% to 25.1%. This shift indicates a competitive landscape evolving from a single dominant player to multiple strong contenders.

Intel's GPU Ambitions

Intel's stock rose nearly 1% pre-market as the company announced its entry into the GPU market, targeting AI data centers.

AMD's Earnings Report

AMD's Q4 earnings exceeded expectations, but the stock fell nearly 9% pre-market due to conservative guidance for Q1. CEO Lisa Su expressed confidence in achieving over 60% annual growth in the data center segment over the next three to five years.

Novo Nordisk's Pricing Pressure

Novo Nordisk's CEO warned of unprecedented pricing pressures in 2026, leading to a significant drop in stock price by nearly 4% pre-market.

Lumentum's Strong Performance

Lumentum's stock surged over 14% pre-market after reporting a 65% year-over-year revenue increase, driven by AI business orders.

Uber's Mixed Outlook

Uber's stock initially dropped 10% but later recovered. The company provided a lower-than-expected profit outlook for Q1, despite optimistic booking guidance.

Conclusion

The pre-market activity reflects a cautious sentiment among investors as they await key employment data and navigate mixed signals from various sectors.