01 Stock Market
As of Jan 21, U.S. stock index futures are mixed to slightly lower, signaling a cautious start. Dow futures fell 0.12%, S&P 500 futures fell 0.06%, and Nasdaq 100 futures fell 0.23%. The tone reflects ongoing sensitivity to policy headlines and cross-asset volatility, with investors weighing chip export developments and expanding equity-derivative tools that could influence hedging flows. Overall breadth looks uneven, with a tilt toward selective strength in semiconductors and commodity-linked products.
Notable pre-market movers include large-cap tech, streaming, and China ADRs. NFLX fell 7.31% at $80.88; PDD up 5.59% at $110.30; INTC up 2.43% at $49.74; MU up 2.18% at $372.97; AMD up 0.76% at $233.68; NVDA up 0.09% at $178.23; AAPL fell 0.23% at $246.13; GOOG fell 0.84% at $319.45; MSFT fell 0.38% at $452.81; META up 0.03% at $604.28; AVGO up 0.65% at $334.75. Leveraged index funds showed mixed positioning: TQQQ fell 0.69% at $50.38 and SQQQ up 0.75% at $71.30.
Catalysts at the open include regulatory actions and chip-trade developments tied to China, alongside structural changes in the options market. Commodity-linked flows are elevated: GLD up 2.17% at $446.71 and BOIL up 20.19% at $26.97. Broad barometers reflect mild consolidation: QQQ fell 0.23% at $606.69; SPY fell 0.07% at $677.10; and semiconductor positioning remains active with SOXL up 1.54% at $58.83.
02 Other Markets
10-year U.S. Treasury yield fell 0.20%, to 4.29%.
U.S. Dollar Index fell 0.0203% to 98.55.
WTI crude oil futures rose 0.30% to 60.54 USD/barrel; COMEX gold futures rose 2.02% to 4861.90 USD/ounce.
03 Key News
Chinese tax authorities fined PDD Holdings and ordered rectification, easing regulatory uncertainty for the U.S.-listed ADR. Regulators imposed a fine and required compliance after the company failed to submit tax-related information as required. Investors viewed the resolution as constructive for visibility; PDD is up 5.59% at $110.30 in pre-market trading.
Nasdaq announced the addition of Monday and Wednesday expiring short-term options for select Big Tech and a Bitcoin ETF, expanding hedging flexibility. The program covers large, liquid tickers and aims to improve risk management options around event windows. Included names show mixed pre-market moves: NVDA up 0.09% at $178.23; TSLA fell 0.16% at $418.56; AAPL fell 0.23% at $246.13; MSFT fell 0.38% at $452.81; GOOG fell 0.84% at $319.45; META up 0.03% at $604.28; AVGO up 0.65% at $334.75.
Nvidia’s CEO planned a China visit as the company seeks to resume AI chip sales under revised export restrictions, highlighting efforts to preserve market access. Plans include employee events and potential meetings amid evolving policy constraints. Beijing is considering limited approvals for certain chips while Washington maintains licensing standards; NVDA is up 0.09% at $178.23 pre-market.
U.S. authorities imposed a 25% tariff on select advanced semiconductors shipped to China and tightened export licensing requirements. Exporters must certify shipments won’t strain domestic supply and won’t displace capacity needed for U.S. customers. The measures increase costs and oversight for cross-border chip flows, potentially influencing lead times and regional sourcing.
Netflix reported revenue slightly above expectations and surpassed a major subscriber milestone, but shares declined on competitive pressure. The company’s growth narrative remains focused on content, advertising, and monetization initiatives, as rivals intensify bundling and distribution strategies. In pre-market trading, NFLX fell 7.31% at $80.88.
Citigroup warned that surging volatility in Japan’s bond market could force risk-parity portfolios to cut equity and bond exposure, risking sizable U.S. Treasury selling. A client note highlighted deteriorating liquidity and spillover risk from super-long Japanese yields, with potential knock-on effects for U.S., UK, and European rates. The assessment underscores cross-market linkages amid shifting fiscal and policy dynamics.
United Airlines projected stronger adjusted earnings supported by growth in premium-cabin and loyalty revenue, signaling a focus on higher-yield passengers. The carrier highlighted record weeks for flown-ticket revenue and bookings, with momentum carrying into the new year. Management emphasized brand-loyal customer gains and continued investment in aircraft and cabin upgrades.
Erasca announced plans for a $150 million underwritten public offering to advance its oncology pipeline. The company intends to use proceeds for clinical development and general corporate purposes, balancing capital needs with trial timelines. Management signaled a focus on prioritized assets and milestone-driven execution.
Corvus Pharmaceuticals launched a $150 million offering of common shares and pre-funded warrants to fund clinical programs. The raise aims to support development, working capital, and strategic flexibility. The structure offers pre-funded warrants to accommodate certain investors while minimizing near-term share issuance complexity.
Kraft Heinz filed to register the potential resale of Berkshire Hathaway’s large stake, indicating possible share sales by the conglomerate. The filing would enable Berkshire to reduce exposure to a long-held position should it choose, potentially affecting float and ownership concentration. Investors will monitor any subsequent transactions for signaling on portfolio strategy.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.