U.S. equity futures were little changed in early Tuesday trading as oil prices extended recent declines and investors awaited additional information about a preliminary peace agreement involving the United States and Iran.
By 08:13 ET (12:13 GMT) the Dow futures contract was mostly flat, S&P 500 futures were down roughly 5 points, or about 0.1%, and Nasdaq 100 futures had nudged higher by approximately 0.23%.
Notable premarket movers
Below are several of the largest movers in U.S. premarket trading, where technology and artificial intelligence names drew attention alongside activity tied to mergers and healthcare developments.
- SpaceX (NASDAQ: SPCX) - The stock climbed by more than 8% in premarket trades, extending post-IPO gains. The move left the company on a trajectory to overtake Amazon in market value and become the fifth-largest company globally by market capitalization.
- Edwards Lifesciences Corp (NYSE: EW) - Shares rose 3.6% after the U.S. government published a proposed coverage decision for transcatheter aortic-valve replacement procedures. Analysts highlighted the proposal's favorable elements, including wider coverage eligibility and lower procedural requirements.
- Edgewise Therapeutics Inc (NASDAQ: EWTX) - The biotech slid 25% after releasing top-line results from its Phase 2 CIRRUS-HCM study. Although the company reported positive clinical data, investors appeared worried about the competitive landscape for hypertrophic cardiomyopathy treatments and what the results may imply for commercial prospects.
- Robinhood Markets Inc (NASDAQ: HOOD) - The online brokerage gained about 2% after announcing plans to cut its workforce by roughly 10%, or around 290 employees, aiming to streamline operations and hasten product development efforts.
- Olin Corporation (NYSE: OLN) - Olin shares jumped 6.7% after unveiling an all-stock merger of equals with Huntsman Corporation. The combined entity will be named OlinHuntsman Corporation and is expected to have an enterprise value in excess of $12 billion.
- Huntsman Corporation (NYSE: HUN) - Shares of Huntsman fell 7.2% after the company agreed to the merger with Olin. The transaction is projected to produce a chemicals company with about $12.5 billion in annual revenue and more than $400 million in identified cost synergies.
- Qualcomm Incorporated (NASDAQ: QCOM) - Qualcomm advanced 5.1% after JPMorgan raised its price target and placed the stock on Positive Catalyst Watch ahead of the company's upcoming Investor Day. The bank indicated it believes Qualcomm will outline ambitious long-term revenue targets for its data center business.
- Rackspace Technology Inc (NASDAQ: RXT) - Rackspace surged 30% after signing a definitive agreement with AMD to deploy 30 megawatts of AMD-based artificial-intelligence compute infrastructure in phases across Rackspace’s global data center footprint.
- Mobileye Global Inc (NASDAQ: MBLY) - Mobileye rose 5% after the company announced plans to establish a vertically integrated robotaxi operation, with intentions to begin running a self-driving ride-hailing service in a U.S. city in 2027.
Overall, the premarket session highlighted the influence of AI-related infrastructure deals and semiconductor expectations on technology stocks, while healthcare policy moves and merger announcements steered activity in other sectors.
Market implications
Investors were parsing a mix of corporate news and macro developments in the run-up to the opening bell. Technology and AI infrastructure headlines helped lift several chip and cloud-service names, while healthcare coverage guidance and merger terms produced divergent reactions among medical-device and chemical companies.