TLDR
- Stock futures fell Tuesday as rising bond yields weighed on markets heading into September
- Novartis jumped around 4% after its MS drug remibrutinib met key Phase III trial goals
- AI and memory stocks including Sandisk, Marvell, and Intel dropped in premarket trading
- Robinhood rose 2.3% after Morgan Stanley upgraded it to Overweight with a $150 price target
- NIO slid 4% ahead of Q2 earnings despite a 14.5% year-over-year rise in August deliveries
Wall Street opened September under pressure on Tuesday. Stock futures edged lower as rising bond yields made investors cautious and risk appetite faded.
September has historically been the worst month for the S&P 500, and Tuesday’s early moves fit that pattern.
Novartis Leads Gainers After MS Drug Breakthrough
Novartis was the standout gainer of the day, with shares climbing around 4% to 4.5%. The Swiss drugmaker announced that its oral BTK inhibitor, remibrutinib, hit its primary endpoints in two Phase III trials for relapsing multiple sclerosis.
The trials, called REMODEL-1 and REMODEL-2, showed remibrutinib reduced annualized relapse rates compared to teriflunomide. It also showed improvements in MRI brain lesion reduction and delayed disability progression.
Novartis plans to present the data at the MSToronto2026 congress and begin global regulatory filings. The gains came despite news the company paused eight clinical trials of its experimental CAR-T therapy, Rap-cel, after three patients died from severe immune reactions in late August.
Robinhood was another bright spot. Shares rose 2.3% to $107.22 after Morgan Stanley upgraded the stock to Overweight and raised its price target to $150 from $124. The bank cited improving product capabilities and better economics from its existing customer base.
AI and Tech Stocks Fall as Risk Appetite Drops
Artificial intelligence and chip stocks faced selling pressure in premarket trading. Sandisk dropped 3.2%, while Marvell, Intel, and Corning also declined.
Investors pulled back from risk assets as bond yields climbed, putting pressure on growth-oriented tech names.
NIO fell around 4% ahead of its upcoming Q2 earnings report. This came even though the Chinese EV maker reported a 14.5% year-over-year rise in August deliveries, totaling 35,836 vehicles.
August deliveries included 21,174 units from the core NIO brand, 8,810 from sub-brand ONVO, and 5,852 from FIREFLY. The slight sequential dip from July’s 35,934 units appeared to weigh on sentiment.
Metallus also declined around 3% after announcing that CEO Michael S. Williams will retire on December 31, 2026. President and COO Kris R. Westbrooks will take over as CEO on January 1, 2027. Williams will stay on as a special advisor through June 2027.
Several companies are set to report earnings after Tuesday’s closing bell. Palo Alto Networks, Dell, Credo, and MongoDB are all on the schedule.
Markets will be watching those results closely as investors look for direction heading deeper into September.
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