Pre-Bell | Nasdaq Futures Slide 1.2%; Nvidia Drops 3%; Tesla Dips 2%; Constellation Declines 8%; NIO up 2%; Pepsi Rises 5%

U.S. stock futures were lower Tuesday, with investors weighing the latest developments on the trade front to kick off a seasonally poor month for equities.

Market Snapshot

At 8:08 a.m. ET, Dow Jones Industrial Average futures fell 309 points, or 0.7%. S&P 500 futures were lower by 0.9% and Nasdaq-100 futures lost 1.2%.

Pre-Market Movers

Nvidia stock slid 3% in premarket trading. Shares of the maker of artificial-intelligence chips fell 3.4% on Friday and ended the week down 2.2% following Nvidia's estimate for third-quarter revenue of $54 billion that underwhelmed investors and raised worries about a possible slowdown in AI spending. The stock ended August with a loss of 2.1% but remains up nearly 30% for the year.

U.S.-listed shares of NIO rose 2% even as the Chinese electric-vehicle maker posted a second-quarter loss on revenue that missed analysts' estimates. Deliveries in the second quarter surged 26% but its vehicle margin fell to 10.3% from 12.2% a year earlier.

Shares of U.S. EV giant Tesla were down 2% in the premarket session. Tesla declined 3.5% on Friday. The stock rose 8.3% in August but has declined more than 17% in 2025, according to Dow Jones Market Data.

Pepsi was rising 5% after The Wall Street Journal reported activist investor Elliott Investment Management has built a roughly $4 billion stake in the beverages and snacks company and plans a push for changes to boost its sagging share price. The Journal report cited people familiar with the matter.

Biogen rose 1.5% after the Food and Drug Administration approved a once-weekly injectable version of Alzheimer's treatment Leqembi, which Biogen makes in conjunction with Japan's Eisai.

Shares in gold miner Newmont Mining were up 2% after gold hit a record high on Monday, boosted by traders betting the Federal Reserve will cut interest rates later this month. Bullion tends to rise when borrowing costs fall because it's more appealing for investors relative to yield assets such as bonds.

Market News

Trump Family Notched up to $5B After Crypto Launch - WSJ

The Trump family added as much as $5 billion in paper wealth on Monday as their flagship crypto venture launched trading of a new digital token, the Wall Street Journal reported.

The currency, called WLFI, began open-market trading on Sept. 1 in a debut likened to an IPO. Until now, investors who purchased WLFI privately through the Trump venture, World Liberty Financial, were unable to exchange their tokens.

The Trump family controls roughly a quarter of all WLFI tokens. Donald Trump Jr., Eric Trump, and Barron Trump are listed as co-founders of World Liberty, while the president is named “Co-Founder Emeritus.” World Liberty says founders’ and team members’ tokens remain locked and cannot be sold, though trading now provides a market valuation on their holdings that previously was based on private sales.

Elliott Management Plans Activist Campaign at PepsiCo with $4 Billion Stake, WSJ Reports

Elliott Management had taken a $4 billion stake in beverages giant Pepsi and was planning an activist campaign to boost the company's share price, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

PepsiCo's shares jumped about 5% in premarket trading.

Beer Giant Constellation Brands Slashes 2026 Outlook as Hispanic Consumer Demand Weakens, Beer Sales Drop

Constellation, a leading beverage alcohol company, has revised its fiscal 2026 outlook downward due to challenging macroeconomic conditions. The company updated its comparable EPS guidance to $11.30-$11.60, down from $12.60-$12.90, and expects Enterprise organic net sales to decline (6)%-( 4)%.

The Beer segment is projected to see net sales decline of (4)%-(2)% and operating income decline of (9)%-(7)%, primarily due to lower volumes, operating deleveraging, and additional tariffs. Despite challenges, the Beer Business maintained market leadership, growing volume share in 49 of 50 states and gaining 0.4 points in dollar share.