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Big Three automaker Stellantis (STLA) reported worldwide shipments dropped 20% year-over-year in the third quarter, including a 36% decline in North America amid high dealer inventory levels.

The figures come soon after the maker of Jeep and Chrysler issued a profit warning, citing "deterioration in global industry dynamics" and competition from Chinese rivals.

Shipments during the quarter by the Jeep and Chrysler parent fell to about 1.15 million vehicles from 1.43 million last year.

The drop in shipments exceeded the 15% decline in Stellantis' third-quarter underlying sales due to a shifting product portfolio and moves by car dealers to lower their inventories.

Shipments also fell in the Europe; Middle East and Africa; and China, India, and Asia Pacific regions, with South America the lone area to register a gain.

Still, Stellantis' market share in the U.S. rose to 8% in September from 7.2% in July.

Stellantis has had a difficult year, as lower-than-expected quarterly results, production pauses, and cuts to its full-year outlook have sent its shares down. Last week, the car maker announced a number of changes at its executive level to "redouble the company's focus on its key business priorities" and deal with issues facing the auto industry worldwide.

Stellantis shares were up 1% at $13.08 soon after the opening bell Wednesday but have lost 44% of their value since the start of the year.

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Vice President Kashim Shettima will depart Abuja for Sweden on a 2-day visit to represent Nigeria in bilateral engagements with the Scandinavian nation.

At the instance of President Bola Tinubu, the Vice President, during the working visit, will engage in high-level bilateral talks with key government officials, including a meeting with Crown Princess Victoria of Sweden and the Swedish Prime Minister.

Shettima, according to a statement by his spokesman, Stanley Nkwocha, will use the visit to explore opportunities for strengthened collaboration between Nigeria and Sweden in areas such as ICT, innovation, education, digitalisation, sustainable transport, mining, and agriculture.

“He will also meet with key stakeholders in both the government and private sector.

He is expected to also meet with Norrsken, a Stockholm-based venture capital impact investor, which recently launched Norrsken22, a USD 205 million tech investment fund for Africa.

Norrsken22 is a technology growth fund, backed by over 30 prominent unicorn founders, partnering with exceptional entrepreneurs building Africa’s next tech giants.

The meeting with Norrsken will provide insights into how Nigerian entrepreneurs can benefit from this fund and further strengthen the technology ecosystem in Nigeria.

Notably, 40% of the investments from Norrsken22 are expected to be allocated to Nigerian technology entrepreneurs.

Twelve Nigerian private sector companies that are doing business with Sweden are going independently as a private sector bloc to the meeting.

While in Sweden, VP Shettima is also expected to articulate Nigeria’s economic vision and the reforms being undertaken by the administration to create a business-friendly environment in Nigeria for investors. The myriads of opportunities that abound in Africa’s largest economy will also be showcased.

The Vice President is expected back in the country on Saturday,” the statement added.

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U.S. stock futures are little changed after Tuesday's tech selloff; ASML Holding (ASML) shares are continuing to move lower in premarket trading after the semiconductor-gear manufacturer's stock tanked yesterday as it reported third-quarter results a day earlier than expected; shares of Nvidia (NVDA) are rebounding slightly after stepping back from record highs as chipmakers struggled on industry worries; Stellantis (STLA) reports a 20% decline in Q3 worldwide shipments; and United Airlines (UAL) announces a $1.5 billion share buyback program as it reports better-than-expected earnings. Here's what investors need to know today.

U.S. stock futures are little changed in premarket trading Wednesday following a selloff yesterday on sharp declines for technology and energy shares. Crude oil futures are lower after Tuesday's decline amid easing tensions in the Middle East and news that the International Energy Agency (IEA) lowered its outlook for energy demand growth. Gold futures are higher.

New York Registry Shares of ASML Holding (ASML) are declining a further 3% in premarket trading after the Dutch semiconductor-equipment maker projected that its 2025 net sales would come in lower than previously projected. The company released its earnings report a day early on Tuesday, revealing a weaker-than-expected outlook, which sent its shares tumbling 16%. The company also reported third-quarter net bookings that were well below analyst estimates.

Shares of Nvidia (NVDA) are up about 1% in premarket trading after the tech giant's shares fell nearly 5% Tuesday. Shares had reached an all-time closing high the prior session after bullish comments from analysts who cited the chipmaker's dominance in the accelerator market. Investors also were spooked yesterday by a report that the U.S. could curb AI chip sales to some Middle East countries. Shares of Advanced Micro Devices (AMD) also are rebounding slightly after dropping 5% Tuesday.

Big Three automaker Stellantis (STLA) reported shipments dropped 20% year-over-year in the third quarter, including a 36% decline in deliveries to North America amid high dealer inventory levels. The results come soon after the maker of Jeep and Chrysler issued a profit warning, citing "deterioration in global industry dynamics" and competition from Chinese rivals. Shares of Stellantis are edging higher in premarket trading.

United Airlines (UAL) announced a $1.5 billion share buyback plan while reporting third-quarter earnings that were better than analyst estimates. The airline posted quarterly revenue of $14.84 billion, better than consensus estimates of analysts polled by Visible Alpha, while its adjusted earnings per share (EPS) of $3.33 also beat projections. United's results stand in contrast to the weaker-than-expected earnings from rival Delta Air Lines (DAL). Shares of United are up by more than 1% in premarket trading.

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American record producer and DJ Mustard and his ex-wife, Chanel Thierry, have finalized their divorce. In the divorce settlement, Mustard is walking away with a number of assets including  a 2022 Maybach Benz, a 2018 Lamborghini Aventador, a 2019 Lamborghini Urus, a 2022 Cadillac Escalade, a 2022 Rolls-Royce Cullinan, a 1960 Chevy Impala, four motorcycles and more.

TMZ reports that he will also retain ownership of their Chatsworth mansion and multiple properties in the Greater Los Angeles area.

They will share joint legal custody of their three young children, and Mustard will have to pay over $24,500 monthly for child support.

Thierry will receive a one-time settlement of $315,000 in spousal support plus a lump sum payment of $275,000.

Mustard will maintain the rights to his music catalog while Thierry will remain sole owner of the pajama and loungewear company she founded, Sleep Ova, as well as a Tesla Model X.

📷: @gettyimages

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Nvidia (NVDA) shares will likely remain on investors’ radar screens after falling sharply Tuesday, just a day after setting a record closing high.

The decline Tuesday came as reported that the Biden Administration is mulling AI chip export curbs to some Middle Eastern countries. The news tempered optimism about surging demand for Nvidia's chips from tech giants hyperscaling their AI infrastructure amid a backdrop of tight supply.

Nvidia shares fell 4.7% Tuesday to close at $131.60.

Below, we break down the technicals on Nvidia’s chart and identify important price levels that investors will likely be watching.

Nvidia shares consolidated within a symmetrical triangle between June and September before breaking out above the pattern earlier this month.

Although the breakout signals a continuation of the stock’s longer-term uptrend, it’s worth pointing out that the move occurred on below-average volume, indicating a lack of conviction behind the move.

Conversely, Tuesday’s selling registered the highest daily share turnover in nearly a month, raising the possibility of a potential bull trap, a trading event that lures investors into buying a breakout before the price makes a sudden reversal.

Let’s take a look at three important support levels on the AI chipmaker’s chart and also use technical analysis to forecast a potential bullish price target above the stock’s all-time high (ATH).

The first sits around $125, where the shares find a confluence of support from the symmetrical triangle’s top trendline and a horizontal line connecting a range of comparable trading levels on the chart between early June and late September.

A decisive breakdown below this level would confirm a bull trap, which could trigger a move down to the $115 level, where the stock may encounter buying interest near the triangle’s lower trendline and multiple minor peaks and troughs stretching back to late May.

Further selling could see the shares revisit major support around $97, a location on the chart currently just below the upward sloping 200-day moving average (MA) where investors could look for buying opportunities near the twin March peaks and prices situated just above the August low.

Investors can forecast a bullish price target above the stock’s ATH by using a measured move, also referred to by chartists as the measuring principle.

This works by calculating the distance between the symmetrical triangle’s trendlines near the start of the pattern and adding that amount to the breakout point.

In other words, we add $50 to $127, which projects a price target of $177. The forecast, around 34% above Tuesday’s close, indicates a potential area on the chart where investors may be happy to lock in profits.

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Major U.S. equities indexes moved lower Tuesday as semiconductor stocks tumbled. Both the S&P 500 and the Dow fell roughly 0.8% on Tuesday, retreating from record closes posted in the previous session. The Nasdaq dropped 1%.

Semiconductor stocks came under pressure after semiconductor equipment maker ASML (ASML) accidentally released its earnings report a day earlier than expected, revealing lower-than-expected net bookings and a lackluster sales guidance. ASML shares plunged 16.3%.

ASML's results, as well as a report on potential U.S. export restrictions, weighed on companies across the semiconductor industry, with heavy pressure on shares of fellow semiconductor equipment manufacturers. KLA (KLAC) shares dropped 14.7%, the steepest drop of any S&P 500 stock, while shares of Applied Materials (AMAT) and Lam Research (LRCX) were down 10.9% and 10.7%, respectively. Raymond James trimmed its price targets for all three stocks, as well as ASML.

Shares of solar technology firm Enphase Energy (ENPH) sank 9.3% after RBC Capital Markets downgraded the stock to "sector perform." Analysts said tough industry competition could weigh on Enphase's growth rate.

Walgreens Boots Alliance (WBA) shares surged 15.8%, marking the top performance in the S&P 500, after the pharmacy giant reported better-than-expected sales and profits for its fiscal fourth quarter. The drugstore and health care chain also announced a turnaround plan that includes closing around 1,200 stores over the next three years.

Crude oil prices moved lower following some signs of easing geopolitical tensions and as the International Energy Agency cut its projection for oil demand growth. The prospect of lower fuel costs helped boost shares of cruise operators. Carnival (CCL) shares sailed 6.6% higher, while shares of Norwegian Cruise Line Holdings (NCLH) were up 4.1%.

Charles Schwab (SCHW) shares jumped 6.1% after the brokerage firm posted its results for the third quarter, exceeding revenue and earnings per share (EPS) forecasts. Year-over-year increases in total client assets and the number of active brokerage accounts helped drive the strong performance.

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