U.S. stock index futures were lower on Tuesday, as investors awaited a crucial labor market report, while fretting over likely delays in the release of key economic data due to a potential government shutdown.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were down 92 points, or 0.2%, S&P 500 E-minis were down 10 points, or 0.15%, and Nasdaq 100 E-minis were down 28.5 points, or 0.11%.

Pre-Market Movers

Wolfspeed rose 20% to $26.5 after the chip company said it emerged from Chapter 11 bankruptcy. Wolfspeed said it has reduced its total debt by about 70%, and lowered its annual cash interest expense by roughly 60%. "In addition, the company believes that it maintains ample liquidity to continue supplying customers with leading silicon carbide solutions," Wolfspeed said in a statement.

Crypto stocks fell in premarket trading as bitcoin dropped below $113K. Bit Digital down 8%; BTCS down 3%; BitMine, MARA, SharpLink Gaming down 2%; Strategy, Coinbase down over 1%.

Nvidia was down slightly. Shares of the leading maker of artificial-intelligence chips closed up 2.1% on Monday as AI-related stocks racked up gains across the board. KeyBanc raised its price target on the stock to $250 from $230, reiterating an Overweight rating, citing momentum for rack shipments, and potential to maintain its competitive advantage among rival chip makers, among other things.

Intel fell 2.2%, extending the chip maker's decline of 2.9% on Monday. Shares remain up about 40% over the past month as Nvidia said it would invest $5 billion in the company, and there has been speculation that iPhone maker Apple and Taiwan Semiconductor Manufacturing could follow.

Boeing inched up 0.2% after The Wall Street Journal reported that the plane manufacturer was planning a new jet to replace the 737 MAX. The move could commit the company to billions of dollars and multiple years of product development. The payoff would likely be an improved market share in key markets. It comes after the 737 MAX jet has faced several issues, including two deadly crashes in 2018 and 2019.

Novo Nordisk shares fell 2.7% in premarket trading. Morgan Stanley analysts say a trial to test whether Novo Nordisk’s blockbuster weight-loss drug also will work against Alzheimer’s is likely to fail, as it set the most pessimistic target price forecast of any Wall Street bank on the Danish drugmaker.

Robinhood Markets was pulling back 0.6% after it rose 12% on Monday to close at $136.72, a record high. Shares of the brokerage platform have been boosted by developments in both its ultraluxury banking service and football prediction markets. The stock has risen 267% in 2025.

AppLovin was down 0.2% ahead of Wall Street's opening bell. Shares of the digital ad company jumped 6.3% on Monday to close at a record high of $712.36. Morgan Stanley raised its stock-price target on Monday $750 on Monday, while 11 other firms have raised their targets on the stock since August, including Piper Sandler and UBS on Friday.

EchoStar shares rose 8% in premarket trading. U.S. telecom company Verizon is in discussions with EchoStar about purchasing some of its wireless spectrum, Bloomberg News reported on Monday, citing people familiar with the matter.

Western Digital rose 1.4% after shares of the data-storage company jumped 9.2% on Monday to a record closing high of $116.74. Morgan Stanley reiterated an Overweight rating on the stock on Monday and nearly doubled its price target to $171 from $99 -- the highest figure on Wall Street, according to FactSet. The market hasn't fully priced in the uptick in demand for the company's core products, Morgan Stanley said.

Firefly Aerospace was down 11%. A rocket booster at the company's facility in Briggs, Texas, apparently exploded. The company said it was currently assessing the effect the incident had on its booster test stand at the site. "During testing at Firefly's facility in Briggs, Texas, the first stage of Firefly's Alpha Flight 7 rocket experienced an event that resulted in a loss of the stage. Proper safety protocols were followed, and all personnel are safe," the company said in a statement.

Progress Software rose 3.7% in the premarket session after fiscal third-quarter earnings and revenue topped Wall Street forecasts and the Burlington, Mass. company raised its fiscal-year adjusted earnings forecast. Progress Software said it expects adjusted per-share earnings of $5.50 to $5.56, up from previous guidance of $5.28 to $5.40.

Market News

US Government Shutdown Looms With Trump, Democrats at Odds

The US is hurtling toward a government shutdown, with Democrats and Republicans seemingly no closer to agreeing on a plan to fund federal operations and both sides blaming each other for the stalemate.

With just hours to go until a midnight deadline, the impasse over spending threatens to paralyze many US government operations for only the 14th time in modern history, causing the suspension of services for Americans and paychecks for federal workers. Political fallout could be widespread for both President Donald Trump and Democrats ahead of next year’s critical midterm elections.

China Opens Stock Option Market to Foreign Investors

China opened its stock option market to foreign investors on Tuesday, as Beijing steps up efforts to increase the appeal of yuan assets.

The announcement by the Shanghai Stock Exchange comes on the heels of measures to lure global investors into China's bond market, and promote international use of the Chinese yuan.

The Shanghai bourse said qualified foreign institutional investors will be allowed to trade options for hedging purposes, and can submit applications immediately.