^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - Unemployment rate for September: Expected 4.2%; Prior 4.2%
0830 - Nonfarm payrolls for September: Expected 150k; Prior 142k
0830 - Average earnings y/y for September: Expected 3.8%; Prior 3.8%
0900 - Fed’s Williams speaks

EV Companies

+0.87%

Companies that manufacture EVs in China are on watch after the European Union voted to impose definitive tariffs on China-made battery electric vehicles (BEVs) as part of its ongoing anti-subsidy investigation, which began in October 2023. China criticized the decision, arguing that the EU's investigation into its EV subsidies had predetermined conclusions and promotes unfair competition.

XPEV, NIO, LI, ZK, TSLA

NVIDIA Corp (NVDA)

+0.38%

On watch after Cointelegraph reported that the U.S. Justice Department and SEC are supporting a class action lawsuit against Nvidia, citing an amicus brief whose respondents included members of both agencies. The lawsuit accuses the company of hiding its cryptocurrency revenue by classifying it as gaming income. Though the case was initially dismissed, the suit was revived by an appeals court, and now the Supreme Court is set to hear Nvidia's arguments following government advocacy for the case's continuation.

Chinese ADRs

+3.34%

Trading higher as a group as stocks in Hong Kong net their best two-week rally since 2007, driven by a 36% surge in the Hang Seng China Enterprises Index following Beijing's major stimulus measures on Sept. 24. The future of this rally may depend on further government actions and upcoming data on consumer spending during the Golden Week holidays.

JD, PDD, BABA, BILI, BIDU, DADA, FUTU, TME, TAL

Amazon.com Inc (AMZN)

+1.67%

Rebounding premarket and poised to break its seven-day losing streak, its longest red streak in over a year. The stock is on watch, along with other retailers, after U.S. dock workers and port operators reached a tentative agreement to end a a three-day strike that halted shipping along the East and Gulf Coasts. This deal, which includes a proposed 62% wage hike over six years, resolves the largest work stoppage in nearly 50 years.

Rivian Automotive Inc (RIVN)

-8.91%

Gapping down after releasing its Q3 2024 production and delivery numbers. Rivian reported the delivery of 10,018 vehicles during the quarter, missing the consensus estimate of 12,670, and produced 13,157 vehicles during the same period. The company lowered its annual production guidance from 57,000 vehicles to a range between 47,000 and 49,000, attributing the decision to a production disruption that resulted in a supply shortage. Rivian reaffirmed its 2024 delivery goal of 50,500 to 52,000 vehicles, which would represent year-over-year growth in the low single digits.

Spirit Airlines Inc (SAVE)

-37.50%

The Wall Street Journal reported that the company is in talks with bondholders about a potential bankruptcy filing as it faces significant financial strain following its failed merger with JetBlue. The airline is reportedly exploring Chapter 11 options or restructuring its $3.3 billion debt, including $1.1 billion in secured bonds maturing soon, with efforts focused on securing creditor support for a bankruptcy plan.

ZIM Integrated Shipping Services (ZIM)

-10.08%

Continuing to trade lower after dropping by more than 7% during Thursday’s session. ZIM shares have been volatile throughout the week and are poised for a three-day red streak starting on Wednesday, when Jefferies downgraded the stock from Buy to Hold. The stock could be moving lower today in sympathy with European shipping stocks, which traded sharply lower overseas following an earlier-than-expected resolution to the US port strike.

Beneficient (BENF)

+42.02%

Gapping up after announcing that its subsidiary completed a transaction converting approximately $126 million of preferred equity into non-redeemable equity. This will lead to the reclassification of the $126 million from temporary to permanent equity on the company's balance sheet as of September 30, 2024. Beneficient, which has rallied in the past, has a $5.74-million market cap and a short float of 6.5% out of a total float of 3.37 million shares.