Pre-Market | Federal Reserve Pick Looms as Markets Surge and Tech Stocks Tumble

4 Aug., U.S. President announced plans to name a candidate for the vacant Federal Reserve governor position in the coming days, highlighting potential monetary policy implications. Meanwhile, DOW FUTURES up 0.40% in pre-market, NASDAQ FUTURES up 0.72% in pre-market, S&P FUTURES up 0.50% in pre-market.

In pre-market trading, Spotify Technology saw a rise of 3.68% following the announcement of an increase in subscription prices. UBS Group also experienced a positive start to the day, rising 2.62% as better-than-expected earnings were driven by market volatility boosting trading activity. Meanwhile, Stryker dropped 2.99% despite beating revenue expectations, as earnings per share missed analyst forecasts. AstraZeneca shares fell 1.03% in pre-market trading.

Replimune Group's stock plummeted 34.87% in pre-market trading after the FDA rejected its melanoma therapy application. The rejection was due to inadequate trial design and patient heterogeneity, which raised concerns about the efficacy and safety of the treatment. Meanwhile, Ezgo Technologies saw its shares drop 31.37% in pre-market trading. Investors expressed skepticism over the company's weak revenue growth and unstable medium-term performance, leading to a significant sell-off.

Tesla approved granting 96 million shares to Elon Musk at $23.34 per share and awarded a temporary CEO prize for 2025, while reporting wholesale sales in China reaching 67,886 units in July. Alphabet's venture capital arm is negotiating with Nvidia to invest in AI infrastructure provider Vast Data, potentially valuing the startup at $90 billion. President Trump stated he will announce a candidate for the vacant Federal Reserve Board seat in coming days.