Why Gemini Could Weigh on AI Enthusiasm

What’s in Today’s Report:

• Why Google’s Gemini Update Could Further Pressure AI Enthusiasm

Futures are higher on strong earnings and guidance from MRVL after the close yesterday (shares +10% premarket this morning) ahead of the release of a slew of key economic data today.

Overnight, global Composite PMI data was solid as Chinese, U.K., and Eurozone releases all topped estimates with headlines in expansion territory.

Today, there is a long list of data due out in the U.S. including the ADP Employment Report (E: 20K), Import & Export Prices (E: -0.2% m/m, 0.0% m/m), Industrial Production (E: 0.1%), and the ISM Services PMI (E: 52.1).

There are no Fed officials scheduled to speak today however there is a mid-duration Treasury Bill auction (for 4-Month securities) that could shed light on current Fed policy expectations; the more dovish the outcome/stronger the demand for the Bills, the better.

Finally, Q3 earnings continue today with results due from DLTR ($1.09), M ($-0.13), RY ($2.52), CRM ($2.15), SNOW ($-0.58), and AI ($-0.75), and investors will be looking for more strong results, particularly from the tech companies reporting today.