5 Things to Know Before the Stock Market Opens

Stock futures moved higher Tuesday morning as investors anticipate the outcome of the presidential election outcome and prepare for Thursday’s Federal Reserve decision on interest rates.

Boeing (BA) shares were higher after the company’s machinist union approved a new contract to end a nearly two-month workers strike;  Palantir Technologies (PLTR) jumped after its reported a 30% revenue jump on strong demand for artificial intelligence (AI)  products; Dollar Tree (DLTR) moved higher after the company said its chief executive officer (CEO) would leave the discount retailer; Astera Labs (ALAB) shares surged after the supplier to Nvidia (NVDA) reported 206% year-over-year growth in revenue.

Here’s what investors need to know today.

1. Stock Futures Trading Higher Ahead of Tuesday Voting

Stock market futures were higher in early trading after markets moved lower on Monday as investors brace for Election Day.  Dow Jones futures were higher by nearly 0.2% after leading declines in the prior session, while Nasdaq futures gained 0.4% to reverse the prior losses in that index. Investors will be focused on today’s presidential election, while Thursday’s anticipated move by the Fed to cut interest rates will also capture attention. Bitcoin was higher by more than 1% to hit $68,805, while Treasury yields were little changed. Shares of the social-media company majority owned by former President Donald Trump rose premarket, seemingly pointed to extend a volatile stretch.

2. Boeing Union Approves New Contract to End Strike

Members of Boeing’s (BA) machinists union voted to approve a new contract agreement that will bring to an end the nearly-two-month strike that has hobbled the aerospace giant.  The agreement includes a wage hike that compounds to a  43.65% increase over the four-year span of the contract, as well as a $12,000 ratification bonus, the International Association of Machinists and Aerospace Workers announced. The vote brings to an end a work stoppage that began on Sept. 13 and is estimated to have cost the company $100 million a day. Boeing has taken measures to adjust to the strike, which included announcing layoffs and raising billions of dollars in stock and depositary share sales. Shares of Boeing moved higher by nearly 2% premarket.

3. Palantir Shares Soar on 30% Revenue Growth, Strong AI Demand

Shares of Palantir Technologies (PLTR) surged by 14% in premarket trading after the software provider reported earnings that were well above analyst expectations. Palantir reported revenue of $725.52 million, up 30% year-over-year and above expectations from analysts polled by Visible Alpha. The company’s net income also beat expectations, coming in at $143.53 million, or 6 cents per share, better than the $71.51 million, or 3 cents per share, from a year earlier. The company reported that U.S. commercial revenue grew 54% and raised its full-year revenue outlook, with company executives attributing the results to strong demand for AI products.

4. Dollar Tree Shares Gain After CEO Steps Down

Discount retailer Dollar Tree (DLTR) announced that Chief Executive Officer (CEO) Rick Dreiling was stepping down after two years in his position, citing health concerns, with Chief Operating Officer Michael Creedon set to serve as interim CEO. The company also said it was making no changes to the third-quarter outlook it issued in September, as it is set to report earnings on Dec. 4.  Shares of Dollar Tree, which are lower by 53% on the year, moved higher by 4% in premarket trading.

5. Astera Labs Jumps After Nvidia Supplier Reports Surging Revenue

Astera Labs (ALAB) shares jumped 25% after the tech firm posted strong earnings results on the back of demand for its AI products. The company reported quarterly revenue of $113.1 million, up 47% from the prior quarter and 206% year-over-year, while showing a net loss of $7.6 million, or 5 cents a share. Astera Labs makes chip-based connectivity products to boost the efficiency of AI and is a supplier for chipmaker Nvidia (NVDA).