Private sector job growth is expected to slow and HP shares tumbled as weak PC prices resulted in mixed results from the computer maker. Here’s what investors need to know today.
1. Private Sector Job Growth Projected to Slow While Pending Home Sales Drop
New private sector jobs are projected to have dropped to 200,000 in August from 324,000 the prior month, the ADP employment report is expected to show when it’s released at 8:15 a.m. ET. At 8:30 a.m. ET, the Commerce Department is likely to report U.S. second-quarter GDP growth remained at 2.4%, while at 10 a.m. ET, pending home sales data could show a drop of 0.5% in July after gaining 0.3% in June.
2. HP Shares Tumble on Mixed Report, Weak PC Prices
Shares of HP Inc (HPQ) tumbled more than 8% in pre-market trading after the computer maker reported mixed results on soft demand for printers and weaker-than-expected prices for personal computers. The tech company reported quarterly revenue of $13.2 billion, a 9.9% drop from the same period last year and lower than the $13.4 billion projected by analysts, while its earnings of $0.86 a share met forecasts.
3. Tesla to Build Self-Driving Training Supercomputer Using Nvidia Chips
Tesla (TSLA) shares dipped 0.8% in pre-market trading after surging 7.7% in the prior session after reports that the company would launch a $300 million artificial intelligence computing cluster that will be powered by 10,000 of Nvidia’s (NVDA) graphical processing unit (GPU) chips, making it more powerful than the third best-performing supercomputer. The computing cluster will be used to help train self-driving technology, according to the report from an Oppenheimer analyst. Shares of Nvidia fell 0.7% in the pre-market following a 4% gain in the prior session.
4. Shares of Vietnamese EV Maker VinFast Rebound After Selloff
Shares of Vietnamese electric vehicle maker VinFast (VFS) rose 7% in pre-market trading, coming after a 44% fall in the previous session that wiped out $90 billion in market capitalization. The drop broke a six-session winning streak for the EV maker that debuted on the Nasdaq this month, helping make it the most valuable EV start up ever and the third-most valuable car maker in the world, despite not yet generating a profit and having limited production capacity.
5. HP Enterprise Tops Earnings Estimates on AI, High-Performance Computing
HP Enterprises (HPE) shares rose 2% in pre-market trading after the company reported strong growth on increased demand for high-performance computing and generative AI hardware and software. HP Enterprise reported adjusted earnings of $0.49 a share, better than the range of $0.44 to $0.48 that the company had forecasted, and above the $0.47 that analysts had forecasted.