U.S. stock index futures edged higher on Tuesday, steadying after Wall Street's first pullback in more than a week, as investors braced for a fresh inflation reading that could help offer clues to the Federal Reserve's upcoming policy decisions.
Geopolitical developments were also in focus as special envoy Steve Witkoff and U.S. President Donald Trump's son-in-law Jared Kushner are expected to meet Russian President Vladimir Putin for talks on a possible way to end the war in Ukraine.
Market Snapshot
At 7:50 a.m. ET, Dow E-minis were up 17 points, or 0.04%, S&P 500 E-minis were up 12.5 points, or 0.18% and Nasdaq 100 E-minis were up 77.25 points, or 0.30%.
Pre-Market Movers
MongoDB - MongoDB surged 23.3% ahead of the opening bell. The document database company raised its full-year outlook, a sign that the AI boom is still driving up demand for its program. MongoDB now forecasts annual adjusted earnings per share of $4.76 to $4.80—more than $1 above its previous guidance of $3.64 to $3.73.
Credo Technology - Credo Technology jumped 16.4%. The company, which provides high-speed connectivity solutions for data centers, topped Wall Street’s targets for fiscal second-quarter earnings and revenue. The excitement around AI has helped Credo to sell more of its active electrical cables, which are copper-based cables used to attach AI servers to networking switches.
Beyond Meat - Beyond Meat shares surged 36.5% Monday on speculative trading and short covering despite ongoing losses, falling revenue, and Strong Sell analyst ratings. The shares jumped another 15.7% in premarket trading.
Crypto Stocks - Crypto stocks rebounded in premarket trading. BitMine rose 4%; CleanSpark and SharpLink Gaming rose 3%; MARA Holdings, TeraWulf, Strategy, and Coinbase rose 2%; Bullish, Circle, and Robinhood rose 1%.
Rare Earth Stocks - Rare earth stocks gained in premarket trading. The Metals Company rose 6%; USA Rare Earth and Critical Metals rose 2%.
Chinese ADRs - Chinese ADRs dropped in premarket trading. XPeng fell 4%; Alibaba fell 2%; Bilibili and NIO fell 1%.
Warner Bros. Discovery - Warner Bros. Discovery rose 2.1% after a report signaled that the bidding war for the entertainment company has been heating up. Streamer Netflix has sweetened its offer for Warner Bros.,, while Paramount Skydance and Comcast also have submitted second bids, The Wall Street Journal reported, citing people familiar with the matter. Warner Bros., Netflix, Paramount, and Comcast didn’t immediately respond to requests for comment from Barron’s.
Synopsys - Synopsys climbed 1.5%, following a 4.9% rally the previous session. Shares jumped on Monday after chip maker Nvidia said it had taken a $2 billion stake in Synopsys, which provides the electronic automation software that is used to design semiconductors.
Marvell Technology - Marvell Technology added 1.2% in the premarket session. The chip maker is set to report its third-quarter earnings after the close of trading Tuesday. Analysts are expecting adjusted earnings of 74 cents a share on revenue of $2.07 billion, according to a FactSet poll. A year ago, Marvell reported earnings of 43 cents a share on $1.52 billion.
Snowflake - Snowflake shares gained 3.5% in premarket trading. Analysts have been raising price targets ahead of Snowflake’s Q3 results. Rosenblatt raised its price target to $275 and now expects 27% Q3 product revenue growth. Multiple firms, including Citi, Jefferies, BofA, RBC and BTIG, have lifted targets in recent weeks on AI-driven demand trends.
Instacart - Instacart shares fell 3.2% in premarket trading following reports that Amazon is developing a new ultrafast grocery delivery service that could directly compete with Instacart’s core business.
IREN - IREN shares sank 4.1% in premarket trading after the company announced its intention to offer $2 billion in convertible senior notes through a private placement to qualified institutional buyers.
Market News
"Won't Address on Economy, Monetary Policy," Says Fed Chair Jerome Powell as Trump Set To Name His Successor
Fed Chair Jerome Powell on Monday steered clear of commenting on the United States’ current economic conditions or the Fed’s monetary policy.
Speaking at a Hoover Institution event at Stanford University, where he delivered the opening remarks, Powell made his position explicit. “Just to be clear, I will not address current economic conditions or monetary policy,” he said.
Powell’s policy-related remarks came a day after US President Donald Trump said he had made his decision on who will serve as the next Federal Reserve Chair.
"Big Short" Investor Burry Targets Tesla After Slamming AI Valuations
"The Big Short" investor Michael Burry took aim at electric automaker Tesla in a blog post, saying the Elon Musk-led company is "ridiculously overvalued", days after he voiced concerns about the current AI boom.
Burry estimated that Tesla dilutes its shareholders at about 3.6% per year with no buybacks, and Musk's record-breaking pay package will continue the dilution.
"Tesla's market capitalization is ridiculously overvalued today and has been for a good long time," Burry wrote in his Substack newsletter 'Cassandra Unchained' on Sunday.
SEC Chair Paul Atkins to Deliver a Major Speech Today
According to the latest post on X (formerly Twitter), the Securities and Exchange Commission (SEC)’s Chairman, Paul Atkins, has revealed that he is going to give a major speech on the enduring principles that have powered the world’s most dynamic economy for the first 250 years of America.
Standing on the famed NYSE podium, Chairman Atkins delivered an address titled “Revitalising America’s Markets at 250.”