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Pre-Market Performance
U.S. equity futures are pointing to a softer open, with pressure concentrated in growth and AI-linked names. Nasdaq 100 futures are down 146.75 points, or 0.50%, to 29,241.00; S&P 500 futures are down 12.25 points, or 0.16%, to 7,679.00; and Dow Jones futures are down 56.00 points, or 0.10%, to 53,297.00.
European markets are mixed and largely rangebound. The FTSE 100 is at 10,818.42, up 1.86 points, or 0.02%; France's CAC 40 is at 8,475.68, down 8.75 points, or 0.10%; and Germany's DAX is at 26,133.01, down 3.55 points, or 0.01%.
In commodities and foreign exchange, crude is weaker while gold remains firm. Brent crude is trading near $93.13, down $1.26, or 1.33%; WTI crude is near $85.69, down $1.37, or 1.57%; and gold is around $4,699.40, up $18.80, or 0.40%. The U.S. Dollar Index is at 98.835, up 0.035, or 0.04%, while EUR/USD is near 1.1679 and USD/JPY is around 158.92.
Hot News
- U.S. futures slip as investors weigh Iran sanctions and AI earnings risk: S&P 500 and Nasdaq futures are lower as investors prepare for possible new U.S. sanctions targeting Iran's trade partners and Nvidia's quarterly results later this week. The setup is keeping risk appetite restrained, particularly in technology and AI infrastructure-linked equities.
- U.S.-Canada trade tensions add to market caution: The U.S. imposed 50% tariffs on some Canadian goods after trade talks failed, with both sides blaming the other for the breakdown. The development increases uncertainty for cross-border supply chains, industrials, autos, materials and consumer goods exposed to North American trade flows.
- Oil retreats despite geopolitical headlines: Crude prices are lower as traders take profits ahead of the expected sanctions announcement, with WTI down more than 1.5% and Brent down more than 1.3%. The decline is helping limit immediate inflation concerns, although energy-market volatility remains elevated.
- Gold holds near a three-month high: Gold is extending its recent strength, supported by a softer longer-term dollar backdrop and persistent demand for defensive assets. The move is drawing attention to miners and precious-metals ETFs in pre-market positioning.
- Europe opens little changed as markets balance gold strength and crude weakness: Major European benchmarks are mixed, with the FTSE 100 slightly positive while the CAC 40 and DAX are marginally lower. The muted tone reflects a market balancing stronger defensive demand against pressure from geopolitical and trade uncertainty.
U.S. Stock Focus
- Nvidia — AI earnings test dominates the week: Nvidia remains a central pre-market focus ahead of its Wednesday results, with investors watching whether AI demand can justify elevated valuations. Reports that some customers may face server price increases of more than 15% are adding attention to AI infrastructure costs and hyperscaler spending discipline.
- Nvidia — talks reported for Perplexity investment: Nvidia is reportedly in discussions to invest in AI search startup Perplexity as part of a funding round valuing the company at more than $30 billion. The potential deal would reinforce Nvidia's push to deepen its role across the AI ecosystem beyond chips and systems.
- Alibaba — $10.2 billion share sale pressures ADR sentiment: Alibaba's Hong Kong-listed shares fell after the company launched a $10.2 billion share placement at a discount to fund AI investment. The move is weighing on U.S.-listed shares in pre-market trading as investors assess dilution risk and the payback timeline for AI infrastructure spending.
- Applied Optoelectronics — $600 million ATM offering weighs on shares: Applied Optoelectronics entered into an equity distribution agreement allowing it to sell up to $600 million of common stock through an at-the-market program. The stock is under pressure as investors factor in potential dilution, even as the company positions itself for AI data-center optical transceiver demand.
- Rocket Lab — Neutron testing milestone supports momentum: Rocket Lab said flight-like testing is underway for the "Hungry Hippo" reusable fairing on its Neutron rocket. The update keeps investor focus on Neutron's development path and the company's attempt to expand from small-launch services into the medium-lift market.
- Birkenstock — shares rebound from recent weakness: Birkenstock is up more than 3% pre-market as investors reassess the stock after a recent secondary-offering-driven selloff. The move follows fiscal third-quarter revenue of €719.5 million, above forecasts, and higher full-year constant-currency revenue growth guidance of 15%.
- PulteGroup — Wolfe upgrade lifts homebuilder: PulteGroup is up about 2.1% pre-market after Wolfe Research upgraded the stock to Outperform from Peerperform. The firm cited relatively durable earnings expectations, noting that PulteGroup's 2026 EPS estimate has been cut by only 2.7% from the start of the year versus a much steeper peer-group average reduction.
- Jersey Mike's Subs — post-IPO coverage begins: Jersey Mike's Subs is modestly higher after at least four brokerages initiated coverage with mostly bullish ratings following the end of its post-IPO quiet period. The company's IPO raised about $1 billion at $23 per share, and investors are now evaluating growth prospects for the newly public restaurant chain.
- SanDisk — storage shares weaken with chip-related pressure: SanDisk is down about 5% pre-market as chip and memory-linked names trade lower. The move reflects broader caution around AI hardware spending, server cost inflation and near-term positioning ahead of Nvidia's results.
Overall, the pre-market tone is cautious: futures are lower, Europe is flat, crude is pulling back and gold remains elevated. Investors are entering the session with a defensive bias as geopolitical, trade and AI-valuation risks converge ahead of a catalyst-heavy week.
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