US Stock Futures Trade Mixed Premarket As AAPL Margin Concerns Weigh On Tech — PLTR, AMD, AEHR In Focus

• Apple shares fell after the company signaled that rising memory chip prices would continue to squeeze gross margins, overshadowing its quarterly earnings beat.
• Palantir also declined despite posting better-than-expected results, while Nvidia edged higher, snapping a four-session losing streak.
• Investors are watching the U.S. midterm elections and a busy earnings schedule, with AMD, Block and Super Micro Computer due to report after the close.

U.S. stock index futures were mixed early on Tuesday, with investors weighing Apple Inc.’s (AAPL) latest earnings and looking ahead to the midterm elections.

As of 4 a.m. ET, Dow futures were down 0.48% while S&P 500 futures had declined 0.03%. Meanwhile, Nasdaq-100 futures were up 0.34%.

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Earlier on Monday, the S&P 500 and Nasdaq ended lower as investors pulled back from technology and AI stocks amid concerns over capital expenditure and valuations. The midterm elections also kept traders cautious.

The S&P 500 fell 0.5%, while the Nasdaq-100 dropped 1.4%. The Dow Jones Industrial Average bucked the trend, gaining 0.4%. The Russell 2000, which tracks small-cap stocks, declined 0.2%.

Oil Rises On Reported US Strike On Iran

Oil prices gained early on Tuesday, recovering slightly from the previous session’s steep losses as reports of a U.S. strike on Iran’s Qeshm Island renewed concerns about potential supply disruptions in the Middle East. 

As of 4 a.m. ET, January Brent crude futures were up more than 1.3% to $106.13 a barrel, while US West Texas Intermediate (WTI) crude futures gained 1.3% to $97.71 a barrel.

The Tech Radar

Apple (AAPL): The stock dropped 4.5% in premarket trading on Tuesday, a day after the company reported fourth-quarter results. However, the company indicated that its closely watched gross margin would continue to come under pressure from surging memory chip prices. The outlook overshadowed an otherwise strong fiscal fourth-quarter report, with both overall revenue and iPhone sales topping analyst expectations.

Oracle Corp. (ORCL): The stock rose 0.4% in early premarket trading on Tuesday after the company detailed its $20 billion equity and bond offerings late Monday. Oracle plans to sell 86.2 million shares at $116 apiece, below Monday’s closing price of $119.20 and its 50-day moving average of $141.25. The announcement of the fundraising plan had sent the stock tumbling 8.6% in Monday’s regular session. Oracle expects to raise approximately $9.9 billion in net proceeds from the common stock sale after deducting underwriting discounts and estimated offering expenses. 

Palantir Technologies (PLTR): Shares of the firm fell more than 5% in early premarket trading on Tuesday, despite the company reporting third-quarter results above Wall Street expectations. Adjusted earnings came in at $0.44 per share, beating the analyst consensus of $0.41. However, concerns over the stock’s lofty valuation appeared to outweigh the strong results. CEO Alex Karp struck an upbeat tone in his shareholder letter, pointing to surging corporate interest in Palantir’s sovereign AI offerings, which he described as “extraordinary and ravenous.”

Nvidia Corp. (NVDA): Shares of the chipmaker rose 1.3% in premarket trading on Tuesday, snapping a four-day losing streak. The stock also attracted increased attention on Stocktwits amid a flurry of reports about the chipmaker’s role in the broader AI market. In one development, Nvidia has reportedly asked its cloud computing customers to reduce their exposure to Chinese companies, the Financial Times reported, citing people familiar with the matter.

Trending Stocks

Marvell Technology (MRVL): The stock gained more than 2% in early premarket trading on Tuesday. On Monday, Marvell announced a $115 billion deal to acquire optical components maker Lumentum. The deal is expected to close in the first half of 2028, creating a combined company with a total addressable market of $550 billion.

Advanced Micro Devices (AMD): Shares of the chipmaker gained more than 2.4% in premarket trading on Tuesday ahead of its third-quarter earnings release after the close today. The market will watch the results closely after Intel Corp.’s (INTC) disappointing report last week. Intel missed revenue estimates and issued a weaker sales outlook, while also signaling a subdued outlook for the PC market, a key source of CPU demand. AMD’s results could help investors gauge whether Intel’s weakness is company-specific or reflects broader softness in the chip industry.

Aehr Test Systems (AEHR): The stock jumped 15.5% in early premarket trading on Tuesday after the semiconductor equipment maker posted a record $33 million in fiscal first-quarter 2027 revenue, up 200% from a year earlier. The company also reported strong order bookings, an effective backlog of $109.3 million, and an upgraded revenue outlook for fiscal 2027, reinforcing optimism about AI-related demand. The stock is also heading for its strongest annual performance since 2021.

Other tickers trending on Stocktwits at the time of writing included Rum Group (RUM), Target Corp. (TGT) and Caterpillar Inc. (CAT), among others.

What Else To Watch On Tuesday

As Americans head to the polls on Tuesday for the midterm elections, investors will be monitoring prediction markets. Traders see a nearly 75% chance of Democrats winning control of the Senate, according to a CNBC report. JPMorgan has said a Democratic sweep of both the House and Senate could trigger a sell-off in AI stocks, according to a separate CNBC report.

Investors also face a packed earnings calendar. Pfizer (PFE), Shopify (SHOP), ImmunityBio (IBRX) and Fiserv (FISV) are due to report before the opening bell, while Advanced Micro Devices (AMD), Block (XYZ) and Super Micro Computer (SMCI) are among those scheduled to report after the bell.

On the economic front, attention will be on the Labor Turnover Survey (JOLTS) and the latest factory orders data.

SPY, QQQ, DIA: Retail Sentiment

Retail sentiment toward the SPDR S&P 500 ETF (SPY), which tracks the S&P 500, fell to ‘bearish’ from ‘neutral’ in the past 24 hours. Sentiment toward the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, remained ‘bearish,’ unchanged during the same period. Meanwhile, sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) improved to ‘neutral’ from ‘bearish.’

Also read: TSLA Stock Slips Overnight: Trump Vows To Shield Musk — But Influencer Flags ‘Tougher Than Ever’ SpaceX Merger Vote

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