Stock futures were falling on Tuesday as a rally in oil prices drove the 10-Year Treasury yield to its highest level in more than 19 years.

Chip and memory stocks were edging higher, having taken a battering on Monday after several top executives called for a slowdown in AI development. Coherent, Intel, Lumentum, Micron, and Sandisk all rose ahead of the opening bell.

Shares of software developers were struggling as investors locked in some profit following the previous session's rally. CrowdStrike, Palantir, and Workday all slipped in premarket trading.

Crypto exchange Coinbase dropped 4.1%, trading platform Robinhood declined 2.2%, and Bitcoin investor Strategy fell 3.5% as hopes of the Clarity Act passing this year faded. The Senate is set to vote on the crypto regulation bill on Tuesday afternoon.

Shares of energy majors were rising as benchmark oil prices rallied. Halliburton added 1% and Occidental Petroleum climbed 0.8%.