Stock Futures Trade Flat as S&P 500 Nears Record High

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The stock futures market showed little movement on Wednesday, following the S&P 500’s positive performance on Tuesday. The index is currently only 0.45% away from its all-time high reached on January 3, 2022, standing at 4,796.56. This year, the broad market index has already gained an impressive 24%, with a 4.5% increase in just this month. Traders are increasingly confident that the Federal Reserve will begin cutting interest rates starting from March.

Intel Extends Gains as Chip Maker Announces Investment

Intel continued its upward trajectory in premarket trading with a 0.6% rise. The company witnessed a substantial 5.2% surge on Tuesday, securing its position as the best-performing stock in the S&P 500. As part of its expansion plans, Intel intends to invest $25 billion in Israel to enhance its wafer fabrication site, having received $3.2 billion from the Israeli government for this purpose.

Apple Faces Setback as Tech Giant’s Shares Decline

Apple saw a slight decline in premarket trading after facing a setback. The company’s shares fell for the fourth consecutive session following the Biden administration’s decision not to overturn a recent ruling that prohibits Apple from selling certain models of the Apple Watch due to a patent-infringement issue.

Tesla Prepares for New Model Y Launch in China

Tesla experienced a modest 0.3% increase in share price. According to Bloomberg, the electric-vehicle maker is gearing up to introduce an enhanced version of its popular Model Y SUV from its Shanghai plant. Mass production of the revamped model is expected to commence as early as mid-2024 and will feature significant exterior and interior changes. On Tuesday, Tesla recorded a notable 1.6% rise in its stock price.

NetEase and Tencent Holdings Rebound After Chinese Regulatory Concerns

NetEase shares surged by 12%, while Tencent Holdings jumped by 4% in Hong Kong trading. Both companies experienced a significant decline last week due to concerns over stricter gaming regulations imposed by Chinese officials. However, U.S.-listed shares of NetEase fell by 4% in premarket trading.

Coherus BioSciences Receives FDA Approval for Cancer Drug Injector

Following the approval from the Food and Drug Administration (FDA), Coherus BioSciences saw a substantial 34% increase in its stock price. The biopharmaceutical company’s on-body injector for their cancer drug, Udenyca, has been granted regulatory clearance.

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