Pre-Bell｜Wall Street Futures Hold Steady After Tech-Fueled Rally; Plug Power Up 9%; Kenvue Up 5%; Firefly Aerospace Down 10%

U.S. stock index futures were largely unchanged on Tuesday after a tech-driven rally drove Wall Street to record closing highs for the third straight session, while investors awaited Federal Reserve Chair Jerome Powell's remarks on the economy.

Market Snapshot

At 7.48 a.m. ET, Dow e-minis were up 42 points, or 0.09%, U.S. S&P 500 E-minis and Nasdaq 100 E-minis were mostly unchanged.

Pre-Market Movers

Nvidia fell 1.1% after gaining 3.9% on Monday to close at a record high of $183.61. The chip maker announced it was planning to invest as much as $100 billion in OpenAI, the maker of ChatGPT, to support the buildout of AI data center capacity. The partnership will deploy at least 10 gigawatts of Nvidia AI systems to train and run OpenAI's next-generation AI models. Nvidia has risen for three straight sessions, pushing gains this year to 37%. Rival Broadcom rose 0.8% in premarket trading, following a 1.6% drop Monday.

Apple slipped 0.5% after the iPhone maker closed up 4.3% on Monday. Coming into Tuesday, Apple has gained 2.3% in 2025 but has lagged behind its Magnificent Seven peers. Wedbush analyst Dan Ives said he expects a rebound in the stock because users will want to upgrade to the iPhone 17, adding that Wall Street was "clearly underestimating this iPhone cycle in our view," as he raised his price target on shares to $310 from $270.

Kenvue Inc rose 4.8% in premarket trading, clawing back some losses following a 7.5% drop Monday to a record low. The decline came ahead of President Donald Trump making an unproven link between acetaminophen, the active ingredient in Kenvue's painkiller Tylenol, and autism. After the closing bell Monday, Trump blamed the drug's use for increased autism rates nationwide. A Kenvue spokesperson said that "independent, sound science clearly shows that taking acetaminophen does not cause autism."

Firefly Aerospace Inc. was falling 9.6% after the rocket developer posted its first earnings report since becoming a public company. Second-quarter revenue of $15.5 million fell from $21.1 million a year earlier and missed analysts' expectations of $16.8 million. The company's second-quarter loss widened to $5.78 a share from a loss of $4.60 a year earlier.

Walt Disney said " Jimmy Kimmel Live!" would resume broadcasting on the ABC network Tuesday after it was suspended just days ago following pressure from local station owners and Federal Communications Commission Chairman Brendan Carr. Station owners Nexstar Media Group and Sinclair both said last week they wouldn't air the show after host Kimmel made comments about the fatal shooting of conservative commentator Charlie Kirk. Shares of the media giant were rising 0.2% after falling 1.1% on Monday.

Plug Power , the hydrogen technology provider, rose 9% in premarket trading after jumping nearly 22% on Monday. The stock has closed higher for nine consecutive sessions and has risen 88% over the span, according to Dow Jones Market Data.

Micron Technology was up 0.8% in premarket trading ahead of its of fiscal fourth-quarter earnings report. The memory chip maker is expected to post adjusted earnings of $2.86 a share in the period on revenue of $11.2 billion. Coming into Tuesday, Micron has risen 96% this year.

AutoZone was down 3.2% after the auto-parts retailer posted fiscal fourth-quarter earnings that missed analysts' estimates and net sales of $6.24 billion that rose from the year earlier's $6.21 billion and were slightly below analysts' estimates.

CoreWeave was up 2.6% to $136.76 after analysts at Melius Research upgraded shares of the AI cloud-computing company to Buy from Hold and Wells Fargo upgraded CoreWeave to Overweight from Equal Weight and boosted the price target to $170 from $105.

Shares of power company Vistra fell 2.2% to $213.20. Analysts at Jefferies downgraded Vistra to Hold from Buy and reduced their price to $230 from $241. Vistra has risen 94% over the past 12 months.

Market News

EU targets Apple, Google and Microsoft over online financial scams

The EU is set to scrutinise if Apple, Google and Microsoft are failing to adequately police financial fraud online, as it steps up efforts to police how Big Tech operates online.

The EU’s tech chief Henna Virkkunen told the Financial Times that on Tuesday the bloc’s regulators would send formal requests for information to the three US Big Tech groups as well as global accommodation platform Booking Holdings, under powers granted under the Digital Services Act to tackle financial scams.

China Courts Foreign Gold Reserves to Boost Global Clout

China aims to become custodian of foreign sovereign gold reserves in a bid to strengthen its standing in the global bullion market, according to people familiar with the matter.

The People’s Bank of China is using the Shanghai Gold Exchange to court central banks in friendly countries to buy bullion and store it within the country’s borders, said the people, who spoke on condition of anonymity as the discussions aren’t public. The effort has taken place over recent months and has attracted interest from at least one country, in Southeast Asia, the people said.