U.S. stock index futures rose on Tuesday after largely in-line consumer prices data kept bets of a Federal Reserve interest rate cut in September in tact.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.2% on a monthly basis in July, versus the 0.2% increase forecast by economists polled by Reuters. Annually, it stood at 2.7%, compared with an estimated 2.8% rise.

The core figure, which excludes volatile food and energy components, rose 0.3% on a monthly basis, compared with expectations for a 0.3% advance. Annually, it came in at 3.1%, versus an estimated 3% increase.

Market Snapshot

At 8:32 a.m. ET, Dow E-minis were up 198 points, or 0.45%, S&P 500 E-minis were up 25.5 points, or 0.4% and Nasdaq 100 E-minis were up 110 points, or 0.47%.

Pre-Market Movers

Circle - Circle Internet Group was up 10.8% in premarket trading after the stablecoin company reported revenue for the second quarterof $658 million that that topped Wall Street forecasts and rose 53% from a year earlier.

Sea - Shopee-owner Sea topped market estimates for quarterly revenue on Tuesday, powered by strong growth at its e-commerce business, sending the company's U.S.-listed shares up 12.2% in premarket trading.

BigBear.ai - BigBear.ai was tumbling 31.5% after the artificial-intelligence software provider reported negative second-quarter adjusted earnings before interest, taxes, depreciation, and amortization of $8.5 million, compared with year-earlier negative Ebitda of $3.7 million. Revenue of $32.5 million missed consensus estimates for $40.6 million. BigBear.ai also cut its 2025 revenue outlook to a range of $125 million to $140 million, below its previous forecast range of $160 million to $180 million. The company said it has “seen disruptions in federal contracts from efficiency efforts this quarter, most notably in programs that support the U.S. Army.”

CoreWeave - CoreWeave fell 2.9% in premarket trading ahead of second-quarter earnings from the AI cloud vendor. The company is scheduled to issue its report after the close of trading Tuesday. Wall Street expects an adjusted loss of 23 cents a share on revenue of $1.08 billion. Coming into Tuesday, CoreWeave shares have risen 139% over the past three months. The companywent public on March 28.

Intel - Intel was up 3.5%. President Donald Trump late Monday said he had a“very interesting” meeting with Intel CEO Lip-Bu Tan, after having called for the executive’s resignation last week. An Intel spokesperson, in an emailed statemwnt, said it was a “candid and constructive discussion on Intel’s commitment to strengthening U.S. technology and manufacturing leadership.”

AST SpaceMobile - AST SpaceMobile rose 12.5% after the satellite company confirmed that it has a fully funded plan to deploy between 45 and 60 satellites into orbit by next year. The stock has risen tenfold since the start of 2024 and backers hope it could challenge the Starlink business of Elon Musk-led SpaceX.

On Holding - On Holding jumped 15.8% after second-quarter earnings beat analysts’ expectations. The shoemaker reported sales rose 38% on a constant currency basis from the same period last year while adjusted earnings before interest, taxes, depreciation and amortization rose 50%.

Hanesbrands - Canada's Gildan Activewear is nearing a deal to acquire Hanesbrands, which could value the U.S. innerwear-maker at about $5 billion including debt, the Financial Times reported on Tuesday, citing people familiar with the matter. Hanesbrands shares soared 43.5% in premarket trading on Tuesday.

Cannabis Stocks - Shares of cannabis-linked companies jumped again in premarket trading on Tuesday after a surge on Monday, as US President Donald Trump said he was considering reclassifying marijuana as a less dangerous drug — giving the sector a much needed boost. Canopy Growth rose 11%; Tilray rose 9%; SNDL rose 3%.

Plug Power - Plug Power, the largest pure-play clean hydrogen company in the U.S., reported a wider-than-expected second-quarter loss of 20 cents a share. The stock fell 2.5% although revenue of $174 million beat consensus estimates of about $158 million.

Tencent Music - U.S.-listed shares of Tencent Music rose 4.6% in premarket trading. The company surpassed second-quarter revenue expectations on Tuesday, driven by strong subscriber growth in online music services and rising engagement with long-form audio content such as podcasts and audiobooks.

Celanese - Celanese reported second-quarter adjusted earnings and revenue that beat analysts’ expectations but shares plummeted 15.2% after the chemicals company said it anticipatesthird-quarter adjusted profitof between $1.10 and $1.40 a share, below consensus of $1.73, as it expects a “softening demand environment across most key end-markets in the second half of the year.”

Mercury - Mercury Systems stock rose 7.8% after the technology company’s fiscal fourth-quarter adjusted earnings and revenue handily topped Wall Street forecasts.

Oklo - Oklo, the nuclear start-up, was down 1.5% after posting a second-quarter loss of 18 cents a share, wider than analysts’ forecasts that called for a loss of 11 cents, but narrower than a loss of 27 cents a year earlier. In an earnings presentation on the company’s website, Oklo said it was “uniquely positioned to benefit” from the Trump administration’s executive orders on nuclear energy.

Archer Aviation - Archer Aviation fell 9.1% after the developer of electric vertical takeoff and landing aircraft reported a wider-than-expected loss in the second quarter.

Sinclair - Sinclair soared 18.6% as the media company said late Monday it has authorized a review of its broadcast business and was evaluating a separation of its Ventures portfolio. The TV station owner said there’s no guarantee a transaction will take place.

Fluence Energy - Fluence Energy fell 14.2% after the energy-storage company reaffirmed its full-year guidance but said production was ramping up at a slower-than-expected pace at its recently commissioned U.S. manufacturing sites, which would affect revenue through to next year. Third-quarter earnings of 1 cent a share beat expectations.

180 Life Sciences - Shares of 180 Life Sciences jumped over 11% at Monday’s close and surged 26% in premarket trading on Tuesday. Peter Thiel, the billionaire tech investor and co-founder of PayPal and Palantir, is part of an investor group that holds a 7.5% stake in 180 Life Sciences, which is rebranding as ETHZilla, an Ethereum-focused corporate treasury vehicle, according to a new SEC disclosure.

Market News

Trump Extends China Truce for 90 Days, Averting Tariff Hike

US President Donald Trump extended a pause of sky-high tariffs on Chinese goods for another 90 days into early November, stabilizing trade ties between the world’s two largest economies.

Trump signed an order extending the truce through Nov. 10, deferring a tariff hike set for Tuesday. The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies.

“All other elements of the Agreement will remain the same,” Trump said in a Truth Social post, suggesting no planned changes to US trade policy or to the terms of the arrangement. A fact sheet, posted by the White House, didn’t detail any modifications beyond the date extension.

China, in a similar statement, said it too would extend its own suspension for a further 90 days.

China Urges Firms Not to Use Nvidia H20 Chips in New Guidance

China has urged local companies to avoid using Nvidia's H20 processors, particularly for government-related purposes, complicating the chipmaker's attempts to recoup billions in lost China revenue as well as the Trump administration's unprecedented push to turn those sales into a US government windfall, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Over the past few weeks, Chinese authorities have sent notices to a range of firms discouraging use of the less-advanced semiconductors, people familiar with the matter said, asking not to be named discussing sensitive information. The guidance was particularly strong against the use of H20s for any government or national security-related work by state enterprises or private companies, the people said.

In addition to Nvidia, Beijing’s overall push affects AI accelerators from Advanced Micro Devices Inc., one of the people said, though it’s unclear whether any letters specifically mentioned AMD’s MI308 chip. Both companies recently secured Washington’s approval to resume lower-end AI chip sales to China, on the controversial and legally questionable condition that they give the US government a 15% cut of the related revenue. Now, Nvidia and AMD face the challenge that their Chinese customers are under Beijing’s pressure not to make those purchases.