- Elevated oil prices and Middle East tensions are keeping traders on the edge.
- Investors are eyeing PMI data and GameStop earnings as near-term catalysts for market direction.
- AI stocks remain in focus amid fresh supply chain concerns and geopolitical scrutiny around chip exports.
U.S. stock futures rose early Tuesday, attempting to build on the recovery seen in the previous market session. However, investors remain cautious amid the uncertainty in the Middle East. Traders will also be watching for cues from manufacturing data due this morning and Gamestop earnings later today.
Crude oil prices rose on concerns that the Iran conflict could reportedly expand to U.S. allies in the Persian Gulf. This comes even as Iranian lawmakers dismissed the possibility of negotiations with the U.S.
As of 4:30 a.m. ET on Tuesday, Dow and S&P 500 futures rose 0.2%, and Nasdaq and Russell 2000 futures were up 0.3%.
Retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, remained ‘extremely bearish, and the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq-100 Index, has remained ‘bearish’ amid high trading volume.
Trending Stocks To Watch
Nvidia (NVDA): Following the SMCI crisis, U.S. Senators are reportedly demanding a suspension of the AI bellwether’s GPU export licenses to China and Southeast Asia.
Broadcom (AVGO): The chipmaker has reportedly warned that its manufacturing partner, TSMC, is nearing capacity for the year, adding to supply concerns.
Oracle (ORCL) and Alibaba (BABA): Reports suggest they have launched significant “agentic AI” initiatives. Alibaba has unveiled a new chip design, while Oracle is said to be embedding AI agents in its cloud-based financial software.
Amazon (AMZN): The company has said its Bahrain AWS region has been disrupted by drone activity in the Middle East.
Gamestop (GME): The video game retailer reports earnings after the bell today. Investors will be tracking any updates on its Bitcoin treasury or an AI-driven pivot.
BioCryst Pharmaceuticals (BCRX): The stock is garnering heavy retail attention following takeover speculation.
Applied Optoelectronics (AAOI): The stock was trending on Stocktwits following confirmation of a $53 million order for its 800G data center transceivers.
Vertiv Holdings Co. (VRT): The stock is on retail radar after it agreed to acquire Italy-based ThermoKey.
And Estee Lauder (EL) is reportedly exploring a merger with Puig.
Other tickers trending on Stocktwits at the time of writing included Intuitive Machines (LUNR), Micron Technologies (MU), Fastly Inc (FSLY), and The Metals Company (TMC).
Other Catalysts To Watch
On the economic front, investors will be tracking the S&P Global Manufacturing & Services PMI at 9:45 am ET. Also, watch out for commentary from Fed Vice Chair for Supervision Michael Barr‘s speech at 6:30 pm ET.
On earnings radar, watch out for quarterly reports from Achieve Life Sciences Inc.(ACHV), Greenland Technologies Holding Corp (GTEC), and Huami Corp (ZEPP), before the bell. Meanwhile. Fortress Biotech Inc (FBIO), Durect Corp (DRRX), and Scienture Holdings Inc. (SCNX) are among other companies reporting after market close today.
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