TLDR
- Nasdaq Composite hit its 23rd record high of 2026, pushing stock futures higher on Tuesday
- Nvidia rose 0.9% to $241.05 after hitting an all-time closing high of $298.90 on Monday
- Lucid Group gained 0.2% after reporting it delivered more vehicles than it produced in Q3
- Nike dropped 1.3%, extending a 47% slump this year after weak guidance last week
- Option Care Health surged 22% on reports of a possible $5 billion acquisition deal
Stock futures rose early Tuesday. The gains followed a record session for the Nasdaq Composite.
The index hit its 23rd record high of the year on Monday. Tech stocks led the climb.
Nvidia shares moved up 0.9% to $241.05 before the opening bell. The chip maker had already hit an all-time closing high of $298.90 on Monday.
Nvidia and Foxconn Drive Tech Rally
Nvidia’s gains came after strong results from Foxconn, its AI server partner. Foxconn shares fell 2.64% despite this, but the earnings still boosted confidence in the AI supply chain.
The chip sector has been a major driver of this year’s market gains. Nvidia remains at the center of that trend.
Lucid Group shares edged up 0.2% on Tuesday. The electric vehicle maker said it delivered more cars than it produced in the third quarter.
This marks the second straight quarter where deliveries outpaced production. Lucid is working through an operating reset. The company is targeting $1.4 billion in cash flow improvements.
Reducing inventory is a key part of that plan. The delivery numbers suggest progress on that front.
Nike shares dropped 1.3% on Tuesday. The sportswear company has had a rough year.
Shares are down 47% through Monday’s close. Weak guidance issued last week failed to reassure investors.
The company has not given a clear timeline for a turnaround. Investors are watching closely for signs of improvement.
Several companies are reporting earnings this week. Lamb Weston and RPM International were due to report ahead of Tuesday’s opening bell.
Constellation Brands, Neogen, Penguin Solutions, and Worthington Steel are scheduled to report after the close. Penguin Solutions shares fell 1.06% in early trading.
Biggest Stock Movers of the Day
Option Care Health shares surged 22%. The jump followed reports that McKesson and private equity firm Clayton, Dubilier & Rice are nearing a deal to acquire the medical infusion services company.
The deal could value Option Care Health at more than $5 billion, including debt. No final agreement has been confirmed yet.
Constellation Energy shares rose 3%. Reports suggest Google parent Alphabet is close to a multi-year deal to pay Constellation Energy $1 billion or more for nuclear energy.
The deal could be announced as soon as this week. The scale and location of the nuclear capacity involved are not yet known.
Freshworks shares gained 4%. The company is set to replace BioLife Solutions in the S&P SmallCap 600 index. The change takes effect before trading opens on Thursday, October 8.
Vaxcyte shares dropped 4%. The company launched public offerings worth $500 million in common stock and pre-funded warrants, plus $500 million in convertible senior notes due 2032.
Spyre Therapeutics fell 3.5%. The company priced an offering of 4.12 million shares at $85.00 per share, expecting gross proceeds of about $350 million.
United Microelectronics shares declined 2.2%. This came despite September revenue rising 27.22% year-over-year to NT$25.35 billion. The company also plans to issue $1.8 billion in unsecured overseas convertible bonds.
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