5 things to know before the stock market opens

Stock futures remain flat this morning as quarterly earnings reports continue to come in and the government shutdown enters its fourth week; gold futures lose ground for second straight day after hitting string of records; Tesla (TSLA) is expected to report quarterly results later today as investors seek updates on low-cost models, robotaxis and the Optimus humanoid robot; Netflix (NFLX) Shares Fall After Streaming Giant’s Profits Missed Wall Street Expectations; and DraftKings (DKNG) stock is soaring as its acquisition of Railbird gives the sports betting app an entry into the prediction market. Here’s what you need to know today.

1. Stock futures stall after Dow hits record high

Stock futures were little changed after the Dow Jones Industrial Average hit a new record high Tuesday, boosted by big gains for a few blue-chip companies that reported strong quarterly results. The earnings schedule is still busy this morning, but the big release is scheduled after the closing bell, when Tesla (TSLA) is scheduled to report. Futures contracts linked to the Dow Jones and the benchmark S&P 500 index were almost unchanged in recent trading, while Nasdaq futures slipped 0.2%. Bitcoin (BTCUSD) was at $107,900, down from Tuesday’s high of around $114,000. The yield on the 10-year Treasury note, which can affect mortgage and other consumer loan rates, was at 3.94%, down from 3.96% at yesterday’s close and trading at its lowest levels since early April.

2. Gold continues to fall as investors abandon safe haven assets

Gold continues to lose ground after the precious metal posted its biggest one-day decline in a dozen years on Tuesday. Gold futures fell 1.4% to $4,055 an ounce in recent trading, after falling nearly 6% on Tuesday. Investors are expecting an end to the U.S. government shutdown and a possible U.S.-China trade deal, both of which could help ease the market uncertainty that recently pushed gold to a string of record highs as investors turned to safe-haven assets. Silver futures, which are also trading at record highs, were down this morning after a sharp decline yesterday.

3. Tesla set to launch Mag 7 earnings season

Tesla (TSLA) is scheduled to report third-quarter results after the market closes today, the first of the Magnificent Big Seven tech companies to report results during this earnings cycle. Tesla vehicle deliveries during the quarter exceeded analyst expectations, and Wall Street will be looking for further details on consumer demand and the rollout of low-cost models. Investors will also be keen to hear updates on fully autonomous driving software, robotaxis and the humanoid robot Optimus, as the company leans into its AI transformation. Analysts polled by Visible Alpha expect Tesla to report revenue of $26.6 billion and net income of $1.5 billion. Options pricing suggests traders expect Tesla shares to take a big step forward following the earnings release. The stock, which has gained 33% over the past three months, was little changed in premarket trading.

4. Netflix shares fall as Brazilian taxes cut into profits

Netflix (NFLX) shares are falling after the streaming giant’s quarterly revenue came in below analyst expectations amid a tax dispute in Brazil. The company reported earnings per share of $5.87 and revenue of $11.51 billion, lower than the EPS of $6.92 on revenue of $11.52 billion expected by analysts tracked by Visible Alpha. Netflix officials said a charge related to a 10% Brazilian tax on some payments was not in its forecast and was affecting its financial results. “Our operating profit would have exceeded our forecasts without the Brazilian tax issue,” co-CEO Gregory Peters said on a conference call. Netflix shares were down more than 7% before the opening bell.

5. DraftKings shares rise as Railbird acquisition provides entry into prediction market

DraftKings (DKNG) shares are higher after the company announced plans to acquire Railbird Technologies, giving the sports betting app an opportunity to enter the lucrative predictions market. The move comes as prediction markets, which are not subject to the same types of regulation as sports betting, have boomed this year, with companies such as Kalshi and Polymarket attracting significant investor interest. “We are excited about the additional opportunity that prediction markets could represent for our business,” Jason Robins, CEO of DraftKings, said in a statement. Shares of DraftKings are up more than 3% in recent premarket trading.