Auto makers and chip stocks were among the big movers at the start of a shortened week following the Labor Day holiday.
Stock futures started the shortened week lower following the Labor Day holiday. Futures for the Dow Jones Industrial Average were 70 points lower, or 0.2% down, after a 115 gain Friday led the index to finish at 34,837. S&P 500 futures fell 0.3% with contracts tracking the tech-heavy Nasdaq down 0.5%.Tesla was trading down 0.95% in the premarket at $242.69 after German car maker Mercedes-Benz , introduced a new electric-sedan concept vehicle, at a German motor show, with superior range.
Mercedes’ electric-sedan concept will have a 466 miles range, based on global industry standards which is more than Tesla’s Model 3 sedan that has a range of 391 miles for its long range version, on the same basis. Chip maker Nvidia was trading down 1.15% to $479.70 following a strong week in which it climbed 5.4% to 485.09 and reached a record closing high of $493.55 Thursday. CEO Jensen Huang met with India’s Prime Minister Narendra Modi Monday ahead of the Group of 20 summit between international leaders to be held in Delhi on Sept. 9-10. The pair talked about advances in Artificial Intelligence, according to a tweet by Modi on the X social media platform, which was formerly Twitter.
Fidelity National Financial shares increased 8.15% to $45.37 in the premarket. Late Friday a 13F filing showed that Citi had increased its stake by 23.2% in the first quarter of the year.Reports are expected later in the week from C3.ai , GameStop , UiPath , DocuSign , and Kroger .
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