TLDR
- Stock futures fell Tuesday as oil prices approached $100 a barrel, raising Fed rate hike expectations
- Intel led S&P 500 premarket gainers, with AMD and Marvell also rising on AI chip demand
- Novartis dropped 13% after its muscle-wasting drug trial failed, dragging down Sarepta and Dyne Therapeutics
- Roivant Sciences jumped 20% after a subsidiary reported strong Phase 2 lung disease trial results
- ASML rose 2% after Samsung, TSMC, and Intel confirmed plans to adopt its latest chip-making technology
Stock futures were lower Tuesday morning as Brent crude held above $98 a barrel. Rising oil prices are pushing up expectations that the Federal Reserve will hike interest rates at its meeting next week.
Despite the broader market pressure, artificial intelligence chip stocks moved higher in premarket trading. Intel was the top gainer in the S&P 500 before the bell, rising 3.6%. Advanced Micro Devices and Marvell also climbed, along with Micron and Sandisk.
AI Chip Stocks Push Higher
ASML added to the positive chip sector tone, rising 2% after confirming that Samsung, Taiwan Semiconductor Manufacturing, and Intel are moving ahead with plans to adopt its High-NA extreme ultraviolet lithography machines.
ASML’s Chief Technology Officer said a planned shift from 6-inch to 12-inch photomasks could boost machine throughput by up to 40%. TSMC and ASML are targeting a 12-inch mask test line by 2031, with commercial production by 2033.
Roivant Sciences was Tuesday’s biggest gainer, surging 20%. Its subsidiary Pulmovant reported positive Phase 2 results for mosliciguat, a treatment for pulmonary hypertension linked to interstitial lung disease.
The drug met its primary endpoint, showing a nearly 56% decline in pulmonary vascular resistance compared to placebo. It also improved six-minute walk distance by about 35 meters and cut a key heart stress marker by 53%.
Novartis Pulls Biotech Sector Lower
Novartis fell 13% after its late-stage trial for muscle-wasting drug del-desiran failed to meet its primary endpoint. This was the company’s third clinical trial setback in one week.
$NVS shares are falling as much as 10% after Novartis’ del-desiran failed the pivotal Phase 3 HARBOR study in myotonic dystrophy type 1, missing its primary endpoint on muscle function.
It’s Novartis’ second major late-stage trial setback in a matter of days, following the… pic.twitter.com/xJhz2KwTRW
— Wall St Engine (@wallstengine) September 8, 2026
The failure sent ripples through the biotech sector. Dyne Therapeutics dropped 30%, Sarepta Therapeutics fell 11%, and NewAmsterdam Pharma declined 9%.
Novartis also weighed on Amgen, which fell nearly 5%. Amgen is developing its own cardiovascular drug called olpasiran, and investors reacted to the broader trial disappointment.
Novartis’s Chief Medical Officer said setbacks are part of scientific progress. The company kept its 5% to 6% five-year sales growth guidance through 2030 in place.
Zim Integrated Shipping Services climbed 6% after Hapag-Lloyd and private equity firm FIMI said they would revise their proposed $4.2 billion acquisition following talks with Israeli officials.
The deal has faced pushback in Israel from workers, defense officials, and government figures who say it threatens national security. Hapag-Lloyd confirmed it is working with the Israeli government on structural changes to the proposal.
Fuel-cell maker Bloom Energy jumped 5.9%, data storage firm Everpure gained 3%, and biotech Illumina edged up 0.9%. All three are set to join the S&P 500 on September 21.
Builders FirstSource, Molson Coors Beverage, and Trade Desk are being removed from the S&P 500 and all three fell on Tuesday.
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