Stock futures were down modestly Tuesday, a day after equities soared as the U.S. and China agreed to slash tariffs on each other's goods for 90 days and continue trade talks. The tech-heavy Nasdaq Composite entered a new bull market on Monday.
Wall Street will be paying close attention to the release of the Consumer Price Index before the stock market opens Tuesday. Tariffs-related price gains likely will show up in the data.
These stocks were poised to make moves Tuesday:
Amazon.com was down 0.8% in premarket trading, Meta Platforms fell 0.7%, Apple declined 0.7%, and Nvidia was down 0.9% after the Magnificent Seven stocks collectively added $830.9 billion in market cap in Monday's risk-on rally, the second-largest one-day market cap gain for the group on record, according to Dow Jones Market Data. Amazon.com finished Monday's session up 8.1%, Meta gained 7.9%, Apple, which makes most of its iPhones in China, rose 6.3%, and Nvidia rose 5.4%.
Tesla, meanwhile, was falling 1.3% after closing with a gain of 6.8% on Monday. The market cap of the electric-vehicle company, which also is a member of the Magnificent Seven, on Monday moved back above $1 trillion, which hasn't happened since late February. The House Ways and Means Committee late Monday published a markup of a bill intended to be part of President Donald Trump's "One Big Beautiful Bill" that would see EV purchase tax credits eliminated by the end of 2025.
U.S.-listed shares of JD.com fell 2.4% even after the Chinese e-commerce company posted first-quarter earnings and revenue that rose from a year earlier.
Coinbase Global jumped 9.3% after it was announced the cryptocurrency trading platform would be added to the S&P 500 on May 19. Coinbase will replace Discover Financial Services, which is being acquired by Capital One Financial in a deal that is expected to close soon, according to S&P Dow Jones Indices.
Boeing rose 0.9% after a Bloomberg report said China removed a month-long ban on airlines taking delivery of the company's planes.
FedEx rose 0.9% as Amazon.com said it would be working with the logistics provider on last-mile delivery. "We've reached an agreement with FedEx to serve as one of several third-party partners to deliver packages to our customers," Amazon spokesman Steve Kelly told The Wall Street Journal. Back in January, United Parcel Service announced it would reduce volume with Amazon, its largest customer, by 50% in the second half of 2026.
Hertz Global reported a first-quarter adjusted loss of $1.12 a share, wider than analysts' estimates that called for a loss of 98 cents, as revenue declined 13% to
Rigetti Computing, the quantum-computing company, reported first-quarter revenue of $1.5 million, a decline from $3.1 million a year earlier and below analysts' forecast of $2.6 million. Rigetti's operating loss in the quarter was $21.6 million, wider than a year-earlier loss of $16.6 million. Shares dropped 11%.
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