5 Things to Know Before Markets Open

Job growth is expected to slow in August to its lowest levels since January 2021 and Dell shares are surging after it delivered better-than-expected earnings on strong demand for PCs and lower component costs. Here’s what investors need to know today.

1. Job Growth Expected to Slow in August

Employers are expected to add 170,000 jobs in August after adding 187,000 in July, making it the smallest monthly increase in employment growth since January 2021, when the Labor Department releases the data at 8:30 a.m. EDT.  Forecasters also estimate that average hourly earnings will rise 4.4% in August from a year earlier, near the same pace from July, while unemployment is expected to remain at 3.5%.

2. Dell Delivers Earnings Beat on Strong PC Demand, Low Component Costs

Dell Technologies (DELL) shares jumped almost 9% after it reported better-than-expected earnings and full-year company guidance on strong demand for PCs and improved profitability from lower component costs as a shortage in parts eased.  Dell reported second-quarter earnings of $1.74 a share, well above the analyst estimates of $1.14. At the same time, it projected third-quarter earnings of $1.45 a share, better than analysts' $1.37 a share forecast.

3. Cloud Computing Firm Nutanix Surges on AI Fueled Sales Outlook

Cloud computing company Nutanix (NTNX) said the strength of its subscription model and its hybrid multi-cloud product helped it produce fourth-quarter revenue of $494.2 million, up 28% from the same quarter last year and ahead of the $475 million that analysts expected. The company also said interest in its artificial intelligence (AI) products was behind its outlook of $495 to $505 million in first-quarter sales, better than the analyst forecasts of $487 million. Shares of Nutanix soared 19% in pre-market trading.

4. Tesla Unveils Revised Model 3 with Longer Range

Tesla (TSLA) unveiled a revamped reversion of its Model 3 that comes with a longer range and sleeker design but is also 12% more expensive. Sales of the model begin today in China, and the electric vehicle maker said it expects to start deliveries in the fourth quarter of this year. Tesla shares dipped 0.3% in the pre-market.

5. UAW Files Labor Complaints Against GM, Stellantis Amid Negotiations

The United Auto Workers union filed unfair labor practice charges with the National Labor Relations Board against General Motors (GM) and Chrysler-parent Stellantis (STLA), accusing the automakers of refusing to negotiate in good faith ahead of the Sept. 14 expiration of the four-year labor agreements. While Ford (F) has made a counteroffer to the union’s proposal, GM and Stellantis have not, the union said. Shares of GM were up 0.5%, Ford gained 0.25%, and Stellantis ticked up 0.2% in pre-market trading.