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

0945 - S&P manufacturing PMI (final) for August: Expected 48.1; Prior 48
1000 - ISM manufacturing PMI for August: Expected 47.5; Prior 46.8
1000 - ISM manufacturing employment index for August: Prior 43.4
1000 - Construction spending m/m for July: Expected 0.1%; Prior -0.3%

Tesla Inc (TSLA)

+0.49%

Trading marginally higher premarket after Reuters reported that the company plans to introduce a six-seat variant of its Model Y car in China by late 2025 to enhance the appeal of its popular electric vehicle. The automaker has instructed suppliers to prepare for a significant increase in Model Y production at its Shanghai factory, aiming to ramp up output despite awaiting approval for expansion on adjacent land. Additionally, Tesla reported a 37% month-over-month increase in China vehicle sales for August.

Semiconductors

-1.34%

Trading lower as a group premarket. Reuters reported that Intel CEO Pat Gelsinger plans to present a comprehensive revitalization plan to the company’s board in mid-September, focusing on asset sales, cost reductions, and potentially halting a $32 billion German factory project. The plan aims to address Intel's challenges, including financial struggles and market concerns, with reported advisors Morgan Stanley and Goldman Sachs enlisted to facilitate potential asset sales like the Altera unit. Separately, Nvidia is trading lower with volume ahead of the third trading session following its Q2 earnings report, when the company guided 80% revenue growth for Q3 compared to the 122% growth reported for Q2.

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

Crypto Stocks

-3.24%

Trading lower as a group as Bitcoin remains below $60,000. The cryptocurrency neared the $57,000 level on Sunday and Monday before reclaiming the $59,000 level on Tuesday morning. Ethereum was trading just above $2,500 as of Tuesday’s premarket session.

COIN, MARA, CLSK, RIOT, HUT, MSTR, BITO, IBIT, ETHE

Apple Inc (AAPL)

-0.46%

On watch after Huawei announced plans to host a product launch event on September 10, aiming to coincide with Apple's iPhone 16 unveiling scheduled for September 9. Huawei’s event, announced on Weibo, is strategically timed to potentially overshadow Apple's event, titled “It’s Glowtime”. Separately, Nikkei reported that Apple plans to exclusively use OLED displays for all iPhone models starting in 2025, replacing LCDs with orders already placed for OLED displays from BOE Technology and LG Display for the upcoming iPhone SE.

The Boeing Company (BA)

-2.68%

Trading lower premarket amid concerns over a potential strike by 32,000 workers, as their contract with the International Association of Machinists nears expiration on September 12. The dispute, centered on issues like wages, healthcare, retirement, and time off, marks Boeing's first potential strike in 16 years and adds to recent challenges including safety issues and financial pressures.

Chinese ADRs

-1.57%

Trading lower as a group following a decline in the Shanghai Composite Index, which dropped below the key support level of 2,800. This downturn was led by banking stocks, including Agricultural Bank of China Ltd. and Industrial & Commercial Bank of China Ltd., which saw significant retreats amid disappointment over first-half results and profit declines among state banks.

BABA, PDD, BIDU, JD, BILI, NIO, XPEV, LI

Unity Software Inc (U)

+6.17%

Gapping up after Morgan Stanley upgraded its rating for the stock from Equal-Weight to Overweight with an unchanged price target of $22, citing a reset in expectations following recent challenges. Despite past underperformance and management issues, Morgan Stanley remains confident in Unity's market leadership in mobile game engines and views its decision to slash its guidance as a sign of “de-risking”.

United States Steel Corp (X)

-5.24%

Gapping down after Democratic presidential candidate and current Vice President Kamala Harris emphasized the importance of U.S. Steel remaining under American ownership and operation during a speech in Pennsylvania, amid concerns over its acquisition by Japan's Nippon Steel. These comments follow Nippon Steel’s recent announcement of a $1.3 billion investment in U.S. Steel's mills as part of its acquisition plans.

Cannabis Stocks

+2.07%

Trading higher as a group following a Truth Social post from Republican presidential candidate and former President Donald Trump suggesting support for Florida's Amendment 3, which seeks to legalize recreational marijuana. Trump argued against the arrest of adults possessing personal amounts of marijuana, citing concerns over wasted taxpayer dollars and ruined lives. The Drug Enforcement Agency has scheduled a hearing for the rescheduling of marijuana for December 2, 2024, as revealed in a notice published on August 29.

MSOS, MSOX, CGC, TLRY, ACB

Auddia Inc (AUDD)

+22.78%

Trading higher premarket after announcing the launch of Apple CarPlay and Android Auto interfaces for its faidr mobile application, enabling users to mirror smartphone entertainment on their vehicle's infotainment system. This move enhances consumer access to AM/FM radio, podcasts, and other audio content through a seamless in-car experience. The stock has a market capitalization of $3.8 million and a float of 4.28 million shares.