U.S. stock index futures deged higher on Tuesday after the major indexes posted near-record closing highs in the previous session and investors remained cautious ahead of an impending employment rate revision.
A preliminary estimate of the nonfarm payrolls benchmark published by the Bureau of Labor Statistics is due at 10 a.m. ET, with economists predicting that the level of U.S. employment for the 12 months through March could be slashed by as much as a million jobs.
Market Snapshot
At 7:50 a.m. ET, Dow E-minis rose 60 points, or 0.13%, S&P 500 E-minis gained 7.75 points, or 0.12%, and Nasdaq 100 E-minis were up 49.25 points, or 0.21%.
Pre-Market Movers
Apple - Apple was down 0.3% in premarket trading after falling 0.8% Monday. The tech giant is expected Tuesday to unveil four new iPhones at its annual launch gathering, what the company is referring to as its “Awe Dropping” event. One phone that Apple watchers anticipate the company will launch is the iPhone 17 Air, which likely will be thinner and lighter than its base iPhone models. Coming into Tuesday, Apple shares have fallen 5% this year.
Nebius, CoreWeave - Nebius jumped 55% after the Amsterdam-based company secured a $19.4 billion deal to provide Microsoft with artificial-intelligence infrastructure through 2031. Rival CoreWeave also gained, adding 6.5%.
Wolfspeed - Wolfspeed surged 70% after the chip supplier received court approval for itsrestructuring plan. The company said it expects to emerge from Chapter 11 protection “in the next several weeks.”
Teck Resources - Teck Resources rose 17% after the Canadian miner agreed to a “merger of equals” with rival Anglo American. London-listed miner Anglo American was up 9%.
Tourmaline Bio - Tourmaline Bio soared 58% after Novartis reached a deal to acquire the clinical biotechnology company for about $1.4 billion. Novartis will pay $48 a share in cash for Tourmaline.
Eightco Holdings - Eightco, which trades under the ticker OCTO, skyrocketed 3,000% Monday after it sold new stock to fund purchases of Worldcoin, the crypto token of World, a project run by OpenAI CEO Sam Altman. The shares were up another 17% in premarket trading Tuesday.
UnitedHealth - UnitedHealth said on Tuesday it expects enrollment in top-rated Medicare insurance plans to be in line with its expectations. Shares of the company rose 4.3% in premarket trading.
Alibaba - Alibaba shares gained 3% in premarket trading. Barclays raised its price target on Alibaba shares to $190 from $145, and maintained its overweight rating. Market chatter emerged that Alibaba would officially announce the launch of a new group-buying product and review system within the next two days, directly targeting Meituan’s core business.
Tron - Tron gained another 7% in premarket trading on Tuesday after jumping 21% on Monday. The company said it was expanding its TRX token treasury holdings to more than $220 million. The company said that the increase comes from Bravemorning Ltd., which exercised all of its warrants for $110 million to buy restricted common shares.
Casey's General - Casey’s General Stores fell 1.7% in premarket trading. The company reported fiscal first-quarter earnings Monday that topped analysts’ expectations and inside same-store sales increased 4.3%. The convenience-store chain said it backed previous guidance that called for fiscal 2026 inside same-store sales up 2% to 5%.
Planet Labs - Planet Labs rose 48% on Monday after posting a narrower-than-expected second-quarter and raising guidance, but shares of the Earth imaging company declined 11.5% in premarket trading following an announcement it plans to selling $300 million of convertible senior notes in a private offering.
Market News
Nebius Signs $17.4 Billion AI Infrastructure Deal with Microsoft
Nebius Group said on Monday it will provide Microsoft (MSFT.O), opens new tab with GPU infrastructure capacity, in a deal worth $17.4 billion, over a five-year term, sending its shares soaring.
The deal underscores the surging demand for high-performance AI compute, as companies invest heavily to bolster their AI infrastructure.
Microsoft may also acquire additional services capacity under the deal, bringing the total contract value to about $19.4 billion.
Wolfspeed Receives Court Approval for Reorganization Plan
Silicon carbide technology company Wolfspeed announced Monday it has received court approval for its Plan of Reorganization and expects to emerge from Chapter 11 bankruptcy protection within the next several weeks.
Upon completion of the restructuring process, the company plans to reduce its debt by approximately 70%, according to a press release statement. This restructuring is crucial given Wolfspeed’s total debt of $6.7 billion and a concerning current ratio of 0.36, as revealed by InvestingPro data. Wolfspeed filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Texas.Want deeper insights? InvestingPro’s comprehensive research report on Wolfspeed offers detailed analysis of the company’s financial health, with 13 additional key insights available to subscribers.
"We believe that strengthening our capital structure will help us to shape Wolfspeed into a leader in its industry," said Robert Feurle, Chief Executive Officer of Wolfspeed. "We look forward to emerging with the financial flexibility to move swiftly on our strategic priorities." The restructuring comes as the company faces significant challenges, with an EBITDA of -$216.2 million and a gross profit margin of -3.23% in the last twelve months.