Wall Street pointed toward gains early today as markets try to claw back losses from a rare bumpy week, the Associated Press reports. Futures for the S&P 500 gained 0.4% before the bell, while futures for the Dow Jones Industrial Average rose less than 0.2%.
Broadcom shares jumped 16.7% in premarket trading after the chipmaker beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. Broadcom reported revenue of $14.1 billion in the period, up 51% over the same period last year. Sales of AI-related products — which have more than tripled year-over-year — drove a big part of that growth.
RH, formerly known as Restoration Hardware, climbed 13.3% despite missing Wall Street’s sales and profit targets. The high-end furniture and housewares chain told investors that it expects strong demand to continue despite a housing market that’s mired in a years-long slump.
In other dealings early today, U.S. benchmark crude oil picked up 25 cents to $70.37 per barrel. Brent crude oil, the international standard, gained 37 cents to $73.78 per barrel.
The U.S. dollar rose to 153.45 Japanese yen from 152.55 yen.
