Stock futures slipped Tuesday after the S&P 500 and Nasdaq Composite both rose 0.5% on Monday and built on their record closing highs. Investors were turning their attention to the Senate's attempts to pass President Donald Trump's tax-and-spending bill and global trade talks.
These stocks were poised to make moves Tuesday:
Tesla fell 4.9%. CEO Elon Musk criticized Trump's bill, calling it "utterly insane and destructive," while the president suggest that the Department of Government Efficiency (DOGE)--the department Musk helped run until the end of May--should look into his companies' government subsidies.
Robinhood Markets was up 3% in premarket trading, a day after jumping 13% to a record high of $93.63 following the financial-services platform's introduction of a series of new crypto-focused offerings to users in the U.S. and Europe. Included were perpetual crypto futures and tokenized stocks and exchange-traded funds for European Union users, and crypto "staking" and credit-card rewards for those in the U.S. Robinhood has risen 151% this year, according to Dow Jones Market Data.
Coinbase declined 1.3% in the premarket session. The cryptocurrency exchange was the best-performing stock in the S&P 500 during the second quarter, which ended Monday. Coinbase soared more than 106% from April to June, benefiting from a more relaxed regulatory environment under the Trump administration.
The worst S&P 500 stock last quarter was UnitedHealth, which dropped nearly 41%. The company's troubles began in April, when the healthcare company slashed its full-year outlook, sparking a massive selloff. In mid-May, UnitedHealth pulled its guidance entirely, pointing to higher-than-expected medical expenditures, while CEO Andrew Witty resigned the same month due to "personal reasons." UnitedHealth was down 0.6% in premarket trading.
Wolfspeed soared 96% to 78 cents after the chip component maker filed for a prepackaged chapter 11 bankruptcy as part of a plan to restructure its debt. Wolfspeed expects to emerge from Chapter 11 protection by the end of the third quarter.
Progress Software reported fiscal second-quarter adjusted earnings that beat analysts' estimates, raised earnings forecasts for the fiscal year, and said it was buying Nuclia, a Spanish search start-up. Shares of Progress Software fell 6.5%.
Meta Platforms was up 0.2%. The parent company of Facebook and Instagram rose 0.6% on Monday to close at a record high of $738.09. CEO Mark Zuckerberg announced a new " Superintelligence" division within the company, which will house Meta's fundamental AI research team; the team that currently builds the company's Llama models; and the team that develops Meta's AI products, The Wall Street Journal reported, citing an internal memo it viewed that Zuckerberg sent to employees.
Earnings reports are expected Tuesday from Constellation Brands and MSC Industrial Direct.