TLDR
- U.S. stock futures were mixed early Tuesday, with S&P 500 futures flat, Nasdaq-100 futures down 0.31% and Dow futures up 0.2%.
- Micron, Intel and Qualcomm fell in premarket trading after chip stocks led Monday’s rebound.
- The S&P 500 rose 0.4% and the Nasdaq gained 1.1% on 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 were mixed early Tuesday as chip stocks slipped in premarket trading. The moves came after Wall Street ended mostly higher on Monday.
S&P 500 futures were flat. Nasdaq-100 futures fell 0.31%, while Dow Jones futures rose 0.2%.
Micron fell 2.2% in premarket trading. Intel dropped 1.2%, and Qualcomm slipped 0.35%.
Chip Stocks Lead Monday’s Rebound
In regular trading Monday, the S&P 500 rose 0.4%. The Nasdaq Composite gained 1.1%, while the Dow Jones Industrial Average slipped 0.1%.
Chipmakers led the recovery. The Philadelphia Semiconductor Index rose about 2.5%, ending an eight-session losing streak.
Nvidia gained about 1.5%, and Advanced Micro Devices climbed 3.6%. Broadcom added 2.4%.
Tesla jumped 3.8%, and Alphabet shares rose about 1%.
The rebound followed a sharp sell-off last week. The S&P 500 and Nasdaq had their biggest weekly declines since late June.
Investors have worried about inflation, higher interest rates and the cost of financing AI infrastructure. Concerns also grew around companies borrowing too much for their 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 soared 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.
Earnings Take Center Stage
About 70 S&P 500 companies are set to report results this week. General Motors reports before the open Tuesday, and United Airlines reports after the bell.
Housing starts and pending home sales figures are also due Tuesday.
Meta Platforms and Tesla report later this week. Lam Research and Texas Instruments are also on the calendar.
Asia-Pacific markets fell Tuesday. 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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