U.S. stock index futures were subdued on Tuesday as investor fatigue set in a day after the S&P 500 and the Nasdaq hit record closing highs, with focus now shifting to a slate of Federal Reserve speakers for policy signals.

Market Snapshot

At 08:24 a.m. ET, Dow E-minis were up 21 points, or 0.04%, S&P 500 E-minis were up 1.25 points, or 0.02%, and Nasdaq 100 E-minis were up 24.25 points, or 0.1%.

Pre-Market Movers

Tesla fell 0.8% in premarket trading after ending up 5.5% on Monday. The electric-vehicle maker on Monday teased a major announcement, sharing a short video on social-media platform X that showed the headlights of a vehicle surrounded by darkness. A separate video showed a Tesla wheel or fan spinning and ended with the date "10/7." What Tesla will unveil Tuesday isn't known but the company for months has teased the launch of a more affordable model.

Advanced Micro Devices rose another 3.5% in premarket trading following a 24% gain Monday as the chip maker announced a long-term deal to become a key supplier to OpenAI's artificial-intelligence infrastructure buildout. OpenAI received a warrant to purchase up to 160 million shares of AMD stock at 1 cent each, representing roughly 10% of AMD's total shares outstanding. AMD's market cap grew $63.36 billion to $330.6 billion on Monday, according Dow Jones Market Data, the stock's largest one-day market cap gain on record.

Chip rival Nvidia was up 0.2% and Broadcom rose slightly in the premarket session following moderate losses Monday.

AppLovin Corporation was down 1% in the premarket session after Bloomberg reported the Securities and Exchange Commission was investigating the data-collection practices of the mobile advertising tech company. An AppLovin spokesperson told Barron's that "generally, we do not comment on the existence or nonexistence of any potential regulatory matters. That said, as a global public company, we regularly engage with regulators and if we get inquiries we address them in the ordinary course. Material developments, if any, would be disclosed through the appropriate public channels." The stock fell 14% Monday.

International Business Machines was up 4.7% after reaching a partnership with Anthropic that will integrate its large language models into certain IBM software products.

Trilogy Metals soared 242% to $7 after the White House said late Monday it was investing $36.5 million, or about 10%, in the small Canadian miner company. The U.S. government will take warrants to purchase an additional 7.5% of the stock. Coming into Tuesday, shares have risen 331% over the past 12 months.

Constellation Brands rose 3.6% after the company reduced its fiscal-year guidance even as fiscal second-quarter earnings and sales beat analysts' expectations. The company estimated earnings for the year of $9.86 to $10.16 a share, down from prior guidance of between $10.77 and $11.07. Like many other alcohol and beverage companies, Constellation has struggled lately as younger consumers cut back on drinking alcohol because of rising prices, health concerns, and the popularity of other recreational options. The stock has fallen 37% this year.

Aehr Test Systems posted slightly better-than-expected fiscal first-quarter results, but shares of the semiconductor equipment maker tumbled 20% after the company swung to a loss from a year earlier. CEO Gayn Erickson said the company remained cautious due to ongoing tariff-related uncertainty and wasn't reinstating formal guidance yet, but was "confident in the broad-based growth opportunities ahead across AI and our other markets."

Dollar Tree declined 4.1% to $84.11 after shares of the discount retailer were downgraded to Underperform from Hold at Jefferies and the price target was reduced to $70 from $110.

Lucid Group's third-quarter deliveries missed expectations even as the EV maker posted 47% growth from the same period a year earlier. Lucid said it delivered 4,078 vehicles in the quarter. It produced 3,891 vehicles in the period, with more than 1,000 additional vehicles built for Saudi Arabia for final assembly. The stock fell 0.7% in premarket trading.

Amazon.com shares were up 0.2% in premarket trading as Amazon Prime Day, the company's second Prime sales event of the year, kicked off at 3:01 a.m. Eastern Time. Prime's Big Deal Days, for Amazon Prime members, will take place on Tuesday and Wednesday.

Market News

Citadel’s Griffin Calls Rush to Gold as Safer Asset ‘Concerning’

Citadel’s Ken Griffin said investors are starting to view gold as a safer asset than the dollar, a development that’s 「really concerning」 to the billionaire investor.

「We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize, or de-risk their portfolios vis-a-vis US sovereign risk,」 Griffin said in an interview with Bloomberg’s Francine Lacqua on Monday.

NYSE Owner to Invest $2 Billion in Betting Platform Polymarket

Intercontinental Exchange Inc., owner of the New York Stock Exchange, plans to invest as much as $2 billion in cash in Polymarket, a crypto-based betting platform.

The transaction values the company, which lets traders wager on the outcome of real-world events such as elections and sports, at roughly $8 billion, ICE said in a statement Tuesday.