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

0830 - Balance of trade for August: Expected -$70.5B; Prior -$78.8B
0830 - Exports for August: Expected $270B; Prior $266.6B
0830 - Imports for August: Expected $342B; Prior $345B
1245 - Fed’s Bostic speaks
1600 - Fed’s Collins speaks
1930 - Fed’s Jefferson speaks

Semiconductors

+2.26%

Trading higher as a group following sector-wide strength on Monday,. This rally was led by Super Micro Computer, which gained more than 15% after announcing the shipment of over 100,000 GPUs with liquid cooling systems per quarter. Both Nvidia and Advanced Micro Devices are set to host AI events this week; Nvidia is hosting its AI Summit from Monday to Wednesday, and AMD is hosting “Advancing AI” on Thursday. Additionally, Reuters reported that Foxconn is looking to build the largest manufacturing facility for Nvidia's GB200 chip to meet rising demand for Nvidia's Blackwell platform.

SMCI, NVDA, AMD, INTC, QCOM, ARM, MU, AVGO, MRVL

Chinese ADRs

-8.74%

Gapping down as a group in tandem with steep drops in overseas trading. The Hang Seng Index closed 9% lower on Tuesday as China's announcement of a 200 billion yuan ($28 billion) stimulus for local investment projects disappointed markets, leading to a sell-off in major tech stocks. Despite assurances from officials about meeting growth targets, concerns remain over China's economic challenges, including a property crisis, weak consumer spending, and high youth unemployment. Chinese stocks and their US-listed counterparts rallied over the past few weeks following the announcement of stimulus efforts on Tuesday, September 24.

BABA, BIDU, BILI, DADA, FUTU, JD, TCOM, TAL, PDD, TME, LI, XPEV, NIO, ZK

Microsoft Corp (MSFT)

-0.51%

Trading lower premarket after being downgraded by Oppenheimer. The analyst lowered its rating for Microsoft’s stock from Outperform to Perform, citing overly high revenue and earnings estimates. The downgrade highlights concerns over OpenAI's projected $5 billion loss and slower-than-expected enterprise adoption of AI, which Oppenheimer believes may lead to disappointing revenues.

Alphabet Inc (GOOGL)

+0.40%

A U.S. District judge ordered the company to allow third-party app stores and alternative payment methods within the Google Play Store, making it easier for competitors to operate on Android devices. The U.S. Department of Justice is expected to propose further remedies in its separate antitrust case against Google, possibly including the separation of Android, Chrome, or Google Search ads.

Affirm Holdings Inc (AFRM)

+4.66%

Trading sharply higher premarket after being upgraded from Neutral to Buy by BTIG Research. The analyst, which set a $68 price target for the stock, attributed the company's path to GAAP profitability and potential to exceed American Express' 20% operating income margin. BTIG also downgraded American Express from Neutral to Sell, noting Affirm's growing share in point-of-sale finance and increasing merchant engagement as traditional providers face challenges with worsening credit losses.

Trump Media & Technology Group (DJT)

+2.01%

Continuing to trade higher premarket after gaining 11% during Monday’s trading session. Donald Trump - the company’s majority shareholder and namesake, as well as the Republican presidential candidate - was joined on stage by Tesla CEO Elon Musk at a campaign rally over the weekend. Trump Media’s market capitalization reached roughly $3.7 billion following Monday’s trading session.

Bio-Path Holdings Inc (BPTH)

+67.39%

Gapping up after launching a therapeutic program to develop BP1001-A for treating obesity and related metabolic diseases, marking the first use of its DNAbilize technology outside of cancer treatment. This initiative expands Bio-Path's platform into non-cancer applications, potentially broadening its impact on metabolic health. The stock has rallied in the past and has a market capitalization of $2.17 million, with a float of 2.55 million shares.

Ontrak Inc (OTRK)

+71.42%

Gapping up on no apparent catalyst. The stock, which has received a moderate amount of social media attention premarket, has a market capitalization of $5.82 million and a float of 1.25 million shares.