U.S. stock index futures mixed on Tuesday as investors awaited commentary from Federal Reserve officials through the day to gauge the central bank's policy stance after the latest downgrade of the United States' credit rating.

At least seven Fed officials including St. Louis Fed President Alberto Musalem are expected to speak later in the day.

Market Snapshot

At 7:50 a.m. ET, Dow E-minis were up 9 points, or 0.02%, S&P 500 E-minis were down 10.25 points, or 0.17%, and Nasdaq 100 E-minis were down 53.25 points, or 0.25%.

Pre-Market Movers

Tesla - Tesla was up 1.1% in premarket trading after shares of the electric-vehicle company closed down 2.3% on Monday. Tesla shares have declined 15% this year but have jumped about 44% since reportingfirst-quarter earningson April 22. The gains have left shares trading for about 172 times estimated 2025 earnings, up from closer to 72 times a year earlier. Morgan Stanley analyst Adam Jonas sees the valuation problem getting worse before it gets better.

Shares of Tesla supplier Contemporary Amperex Technology, the Chinese battery giant, soared 16.4% in their Hong Kong debuton Tuesday. CATL raised almost $4.6 billion in the world’s largest equity offering this year.

UnitedHealth - UnitedHealth gained 2.2%. The shares rose 8.2% on Monday, closing the session at $315.89. It was the stock’s largest daily percentage increase since Nov 4, 2020, when it rose more than 10%, according to Dow Jones Market Data. UnitedHealth was the top performer in the Dow Jones Industrial Average on Monday. The stock declined 23.3% last week after UnitedHealth CEO Andrew Witty resigned and the company suspended its 2025 outlook.

Quantum Computing Stocks - Quantum computing stocks extended rally in premarket trading on Tuesday after Monday surge. D-Wave Quantum rose 12%, SEALSQ Corp rose 11%, Quantum Computing rose 7%, Quantum Corp rose 6%, and Rigetti Computing rose 4%.

D-Wave Quantum said Tuesday that its sixth-generation quantum system had become available over the cloud, marking another development in the race to develop commercially viable quantum computers.

Nvidia - Nvidia slipped 0.4%. CEO Jensen Huang said Monday the chip maker would beopening its artificial-intelligence server platformto rival chip makers but he also warned theU.S. government’s move to limit chip exports to Chinacould hit revenue by $15 billion.

CoreWeave - Nvidia-backed Weave shares gained another 4.1% in premarket trading on Tuesday. The AI infrastructure provider saw its stock climb 7.83% on Monday, reaching $86.59, the highest price since its March 2025 IPO. 

Home Depot, Lowe's - Home Depot, the biggest home-improvement retailer, reported fiscal first-quarter adjusted earnings of $3.56 a share, missing analysts’ estimates of $3.60. Same-store sales in the period fell 0.3%, while U.S. same-store sales were up 0.2%. The company also reaffirmed its fiscal-year guidance. Home Depot shares were up 2.1% in premarket trading. Competitor Lowe’s, which reports quarterly earnings Wednesday, rose 1.3%.

Bilibili - Chinese video sharing platform Bilibili reported first-quarter earnings and revenue that topped analyst expectations, pushing its shares 4.5% higher in U.S. premarket trading. 

Pony AI - Pony AI’s first-quarter robotaxi revenues tripled with the Chinese autonomous vehicle firm setting sights on large-scale commercialization for those services later this year. The shares jumped 5.1% in premarket trading.

Amer Sports - Amer Sports rose 12.4% after topping first-quarter adjusted earnings estimates and raising fiscal-year profit guidance.

Hewlett Packard Enterprise - Hewlett Packard Enterprise gained 3% to $17.98 after analysts at Evercore ISI upgraded shares of the technology company to Outperform from In Line and raised their price target to $22 from $17.

ASP Isotopes - ASP Isotopes shares jumped 13.7% after striking a financing and supply deal with TerraPower to back a proposed new uranium-enrichment facility in South Africa.

Vipshop - Chinese online discount retailer Vipshop reported first quarter earnings that beat analyst expectations on Tuesday. But Vipshop’s shares plunged 8.2% in pre-market trading following the release, as revenue fell short of estimates, and the company provided disappointing guidance.

Market News

Fed Officials Signal Rates Likely to Stay on Hold Until at Least September

Two Federal Reserve officials, including New York Fed chief John Williams, suggested policymakers may not be ready to lower interest rates before September as they confront a murky economic outlook.

“It’s not going to be that in June we’re going to understand what’s happening here, or in July,” Williams said Monday at a conference organized by the Mortgage Bankers Association. “It’s going to be a process of collecting data, getting a better picture, and watching things as they develop.”

The Fed’s next three meetings are in June, July and September.

China Cuts Benchmark Lending Rates for the First Time in 7 Months in Beijing's Growth Push

China cut its key lending rates by 10 basis points on Tuesday, as a stronger yuan and easing trade tensions offer it room for monetary easing aimed at boosting its economy.

The People’s Bank of China trimmed the 1-year loan prime rate to 3.0% from 3.1%, and the 5-year LPR to 3.5% from 3.6%.

This marked the first reduction in rates since the central bank’s 25-basis-point cut in October, as Beijing intensifies efforts to shore up its economy.

Stablecoin Bill Advances in US Senate in Big Win for Crypto

Stablecoin legislation overcame a procedural blockade in the US Senate, marking a major victory for the crypto industry after a group of Democrats dropped their opposition Monday.

The industry-backed regulatory bill is now set for debate on the Senate floor with a bipartisan group hoping to pass it as soon as this week, although senators said a final vote could slip until after the Memorial Day recess.

Democrats had united to filibuster the legislation earlier this month amid a furor over President Donald Trump’s crypto dealings along with other concerns related to the regulation of stablecoins.

But the Senate voted 66-32 on Monday night to end the filibuster.