TLDR
- U.S. stock futures were mixed early Tuesday. S&P 500 futures were flat, Nasdaq-100 futures fell 0.31% and Dow futures rose 0.2%.
- Micron, Intel and Qualcomm dropped in premarket trading after chip stocks led Monday’s rebound.
- The S&P 500 gained 0.4% and the Nasdaq rose 1.1% Monday, following last week’s sharp sell-off.
- CoreWeave got a Goldman Sachs upgrade to buy but closed slightly lower, after falling more than 25% last week.
- About 70 S&P 500 companies report earnings this week, starting with General Motors and United Airlines on Tuesday.
U.S. stock futures pointed in different directions early Tuesday as chip stocks came under pressure again. The moves followed a mostly higher session on Wall Street Monday.
S&P 500 futures were flat. Nasdaq-100 futures dropped 0.31%, while Dow Jones futures rose 0.2%.
Micron fell 2.2% in premarket trading. Intel slid 1.2%, and Qualcomm dipped 0.35%.
Chipmakers Lead Monday’s Bounce
In regular trading Monday, the S&P 500 gained 0.4% and the Nasdaq Composite rose 1.1%. The Dow Jones Industrial Average slipped 0.1%.
Chip stocks drove the recovery. The Philadelphia Semiconductor Index climbed about 2.5%, which ended an eight-session losing streak.
Nvidia gained about 1.5%, and Advanced Micro Devices rose 3.6%. Broadcom added 2.4%.
Tesla jumped 3.8%, and Alphabet shares advanced about 1%.
The bounce came after a rough week. The S&P 500 and Nasdaq posted their biggest weekly drops since late June.
Worries about inflation, higher interest rates and the cost of financing AI projects weighed on tech shares. Investors also grew concerned about companies borrowing too much money for AI build-outs.
Jose Torres, senior economist at Interactive Brokers, said Wall Street was breathing a sigh of relief. He said traders were dropping hedges after the cost of volatility protection jumped on Friday.
CoreWeave fell more than 25% last week. Goldman Sachs upgraded the data center operator to buy on Monday, but the stock closed slightly lower.
Busy Earnings Week Begins
About 70 S&P 500 companies are scheduled to report results this week. General Motors reports before the open Tuesday, and United Airlines follows after the close.
Housing starts and pending home sales figures are also due Tuesday. Investors will weigh them alongside the earnings reports.
Meta Platforms and Tesla report later this week. Lam Research and Texas Instruments are also on the schedule.
Asia-Pacific markets fell Tuesday after U.S. stocks rose overnight. South Korea’s Kospi lost 3.73%, and Japan’s Nikkei 225 declined 1.3%.
Australia’s S&P/ASX 200 fell 0.33% to 8,816.9. Oil prices edged lower in Asian trading as investors weighed President Donald Trump’s waiver of some sanctions and tariffs tied to Russian energy exports.
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