As we head into the trading day, here’s a snapshot of the pre-market movers and the significant updates driving the market this morning:

Indices Update

• S&P 500 (ES): +0.4%
• Nasdaq (NQ): +0.8%
• Russell 2000 (RTY): +0.5%

These positive movements suggest a bullish start for the major US indices, with the tech-heavy Nasdaq leading the way.

Key Stock Movers

1. Tesla ($TSLA): +14.2%
   Tesla is surging pre-market after beating expectations on both earnings per share (EPS) and gross margins (GMs). The company reported increased Cybertruck production and hinted at slight growth in vehicle deliveries for Q4. Notably, Tesla achieved positive gross margins for the Cybertruck for the first time, adding fuel to the stock’s rally.
2. NVIDIA ($NVDA): +1%
   NVIDIA’s stock is up ahead of CEO Jensen Huang’s much-anticipated speech at an AI summit at 10:30 AM EDT (3:30 PM BST). Given NVIDIA’s pivotal role in the AI revolution, investors are keeping a close eye on any insights or announcements that could come out of the summit.
3. ServiceNow ($NOW): +2.3%
   ServiceNow is climbing after reporting strong earnings, with both revenue and EPS exceeding expectations. In addition, its partnership with NVIDIA to accelerate the adoption of generative AI in enterprises is being well-received by the market.
4. IBM ($IBM): -3.6%
   IBM is under pressure after missing revenue and free cash flow (FCF) targets. The company’s guidance for next quarter’s revenue growth came in line with Q3, while full-year FCF guidance disappointed, dragging the stock down.
5. UPS ($UPS): +8.4%
   UPS is seeing a strong pre-market rally after reporting better-than-expected top and bottom-line results. The shipping giant’s robust earnings were well-received by investors, pushing the stock higher.
6. Dow Inc. ($DOW): +1.6%
   Dow is up following a solid earnings report, with both EPS and revenue exceeding forecasts. The company’s guidance for the next quarter also surpassed expectations, providing an additional boost.
7. Honeywell ($HON): -2.4%
   Honeywell is sliding after missing revenue estimates and issuing a disappointing full-year outlook, which is weighing on the stock pre-market.
8. Carrier Global ($CARR): -5%
   Carrier Global is down sharply after reporting underwhelming revenue figures, causing concern among investors.
9. American Airlines ($AAL): -0.6%
   A slight dip for American Airlines as the company’s profit outlook for the next quarter came in below expectations.
10. Keurig Dr Pepper ($KDP): -3.1%
    Keurig Dr Pepper is slipping after missing revenue estimates. Additionally, the company announced plans to purchase energy drink company Ghost for over $1 billion, which may have added to investor concerns.
11. Lam Research ($LRCX): +5%
    Lam Research is gaining after reporting better-than-expected results on both the top and bottom lines, with guidance for the next quarter also exceeding forecasts.
12. Boeing ($BA): -2.5%
    Boeing shares are down after factory workers rejected a new contract proposal, extending a strike that began in mid-September. This ongoing labor dispute is adding uncertainty to Boeing’s production schedule.

The US pre-market action is pointing to a mostly positive start to the day, with Tesla leading the pack after its strong earnings beat and increased Cybertruck production. On the downside, IBM and Carrier Global are facing pressure from weaker-than-expected earnings reports. Keep an eye on NVIDIA as CEO Jensen Huang’s upcoming remarks at an AI summit could influence the tech space further.