【US Pre-Market】Memory Chip Stocks Fall, Gold Drops Below $4,300; GitLab Surges Over 23%, Dell Gains More Than 10%

TradingKey - On Wednesday (September 2) Eastern Time, futures on the three major US stock indices showed mixed pre-market performance. As the US-Iran military conflict escalated again, sharp volatility in energy prices heightened market concerns over inflation and rate hike risks. Meanwhile, the sell-off in global bond markets extended, pushing government bond yields in major economies to multi-year highs, with investors remaining cautious ahead of the release of US employment data and the Fed's Beige Book.

As of press time, Nasdaq 100 futures fell 0.48%, S&P 500 futures dropped 0.18%, and Dow 30 futures rose 0.04%.

Source: Investing

In commodities, gold (XAUUSD) briefly fell below $4,300/oz, while silver (XAGUSD) dropped below $64/oz. Rising global government bond yields and a strengthening US dollar continued to put pressure on precious metal prices.

International oil prices turned lower intraday, with WTI (USOIL) crude prices above $90/barrel and Brent crude (UKOIL) prices near $95/barrel. Renewed military exchanges between the US and Iran kept shipping and crude supply risks in the Strait of Hormuz in focus.

In cryptocurrencies, Bitcoin (BTCUSD) hovered above $77,000.

Market Moves

GitLab (GTLB) surged over 23% in pre-market trading. The company's second-quarter fiscal 2027 revenue grew 21% year-over-year to $286.3 million, with Non-GAAP operating profit reaching $42.6 million, an operating margin of approximately 15%, and record single-quarter total bookings.

Dell Technologies (DELL) rose over 10% in pre-market trading. The company's second-quarter revenue grew 58% year-over-year to $47 billion, exceeding market expectations of $44.8 billion. Driven by growing demand for AI servers, Dell significantly raised its full-year revenue guidance from approximately $167 billion to $192 billion.

MongoDB (MDB) fell over 14% in pre-market trading. The company's second-quarter revenue grew 30.5% year-over-year, significantly exceeding market expectations. However, the stock had accumulated a gain of about 26.7% over the past month, far outperforming the S&P 500 Index's gain of around 2.7% over the same period. The market believes that the strong performance had been largely priced in ahead of the earnings release, increasing profit-taking pressure.

Credo Technology (CRDO) fell over 9% in pre-market trading. The company's fourth-quarter revenue surged 157% year-over-year to $437 million, beating market expectations of $432.5 million; Non-GAAP diluted EPS was $1.16, also exceeding the expected $1.00. Revenue guidance for the next quarter is $465 million to $475 million, which also topped market forecasts.

Memory chip stocks generally fell in pre-market trading. SK Hynix (SKHY) fell about 1.64%, Micron Technology (MU) fell about 1.13%, Western Digital (WDC) fell 1.63%, Seagate Technology (STX) fell about 1.49%, and SanDisk (SNDK) fell about 1.03%.

Market News

The US launched a military strike against Iran for the second time this week. The US again took military action against targets linked to Iran's Islamic Revolutionary Guard Corps. The US insists that the Strait of Hormuz should remain open to commercial shipping, while Iran says the strait has been closed. Currently, ship traffic through the strait remains at only a fraction of pre-conflict levels.

US President Donald Trump warned that if Iran retaliates, the US will launch "far stronger" strikes. Earlier, Trump also indicated that Kharg Island, Iran's major oil export facility, could be targeted, further heightening market concerns over energy supply disruptions.

Musk expects global humanoid robots to exceed 1 billion within a decade. Tesla (TSLA) CEO Elon Musk stated that the global number of humanoid robots could surpass 1 billion over the next decade, with each robot producing at least five times as much as a human worker, and total productivity potentially exceeding the global human workforce. As of press time, Tesla was down about 0.14% in pre-market trading.

Apple discloses compensation package for new CEO. Apple (AAPL) filed a document with the US Securities and Exchange Commission disclosing compensation arrangements for incoming CEO John Ternus and Tim Cook, who is transitioning to Executive Chairman. Beyond a $3 million annual base salary, Ternus will receive annual equity awards with a target value of $55 million, expected to be granted in fiscal 2027.

Key Data/Events Preview

At 8:15 a.m. ET, the U.S. releases August ADP employment figures.

At 10:00 a.m. ET, the U.S. releases the July factory orders MoM rate.

At 2:00 p.m. ET, the Federal Reserve releases its Beige Book on economic conditions.

After the U.S. market close, Broadcom (AVGO) reports quarterly earnings.