S&P 500 and Nasdaq futures flattened on Tuesday as investors geared up for a whirlwind day of company results and awaited potential breakthroughs in negotiations between the United States and its trading partners.

Market Snapshot

At 08:08 a.m. ET, U.S. S&P 500 E-minis were up 1.5 points, or 0.02%, Nasdaq 100 E-minis were down 12.25 points, or 0.05%, and Dow E-minis were down 38 points, or 0.09%.

Pre-Market Movers

General Motors reported second-quarter operating profitof $3 billion and earnings of $2.53 a share on sales of $47.1 billion. Wall Street expected an operating profit of $2.9 billion and earnings of $2.33 a share on sales of $46.3 billion. Tariff impacts in the latest second quarter amounted to $1.1 billion, according to the auto maker. Guidance for the full year was unchanged. Shares fell 3.4%.

Shares of drug developer Replimune Group Inc. fall 76.5% to $2.90 premarket. Co says the U.S. FDA declined to approve its experimental skin cancer drug, called RP1, for patients with advanced melanoma

Coca-Cola slipped 0.3% in premarket trading after second-quarter adjusted earnings from the beverages giant topped analysts’ estimates but revenue of $12.5 billion narrowly missed expectations of $12.6 billion.

Lockheed Martin dropped 8.4% in premarket trading after the defense contractor’ssecond-quarter earningsfell well short of Wall Street expectations on a number of one-time charges. Lockheed reported earnings of $1.46 a share on sales of $18.2 billion. Included in the second quarter were charges amounting to $1.7 billion, or $5.83 a share.

Sherwin-Williams fell 3.3% after the maker of paints and coatings missed second-quarter earnings expectations and lowered its full-year guidance.

Opendoor Technologies rose 15% in premarket trading after the online company that buys and sells homes closed up 43% on Monday at $3.21. At one point during the session, shares rose as much as 121% to $4.97. The stock has risen for six consecutive trading days and has rallied 312% over that span, according to Dow Jones Market Data. Anendorsementfrom activist investor Eric Jackson, founder of EMJ Capital, has helped lead to an explosion of retail interest in the stock.

NXP Semiconductors was falling 6.4% in premarket trading. The Dutch semiconductor company guided for third-quarter sales of $3.05 billion to $3.25 billion, the midpoint of which is down 3% from a year earlier. Analysts are calling for third-quarter revenue of $3.08 billion. NXP also said it anticipates third-quarter profit of $2.22 to $2.62 a share, down from $2.79 in the same quarter of 2024.

Steel Dynamics posted second-quarter earnings and sales that missed analysts’ expectations with the steel company saying “uncertainty regarding trade policy continues to cause hesitancy in customer order patterns across” its businesses, and that, coupled with “inventory overhang of coated flat rolled steel, resulted in lower steel and steel fabrication shipments” in the period. The stock was down 2.6%.

Agilysys, the hospitality software provider, declined 11% in premarket trading after posting fiscal first-quarter earnings that fell from a year earlier and adjusted profit of 33 cents a share that missed analysts’ estimates of 36 cents.

Medpace Holdings jumped 44% after the clinical research company reported better-than-expected second-quarter profit and raised its full-year outlook. Medpace said net new business awards were $620.5 million in the second quarter, up 13% from a year earlier.

D.R. Horton, the biggest home builder in the U.S., was rising 7.7% after reporting fiscal third-quarter earnings and revenue that beat Wall Street estimates. The company said it “closed more homes than the high end of our guidance range, while maintaining a home sales gross margin of 21.8%.”

Market News

Bessent says he will meet Chinese officials, discuss tariff deadline extension

U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week and discuss what is likely to be an extension of an August 12 deadline for higher tariffs.

Bessent told Fox Business that trade with China was in "a very good place" and the meetings in Stockholm would take place next Monday and Tuesday.

"I think we've actually moved to a new level with China, where it's very constructive and very we're able - we're going to be able - to get a lot of things done now that trade has kind of settled in at a good level," Bessent said.

OpenAI, Oracle deepen AI data center push with 4.5 gigawatt Stargate expansion

OpenAI and Oracle ORCL.N will develop another 4.5 gigawatts of data center capacity, expanding a tie-up that has promised hundreds of billions of dollars in infrastructure investment to keep the U.S. ahead in the global artificial intelligence race.

The ChatGPT maker did not disclose the locations or funding details for the new facilities in Tuesday's announcement.

The move builds on the Stargate initiative, an up to $500 billion and 10 gigawatt project that also includes Japanese technology investor SoftBank Group 9984.T and is setting up its first AI data center in Abilene, Texas.