Why Are Nasdaq, Dow Futures Rising Premarket? SPCX, NVDA, CEG, AMD, ORCL, NOK In Focus

• Nasdaq Composite closed at a record high, with AI and semiconductor stocks leading Monday’s gains.
• But the rally is running alongside a sharp bond-market selloff. The 10-year Treasury yield climbed to about 5.31% Monday, while the 30-year yield approached 5.7%.
• Michael Burry said the market is in a “denial” phase, comparing it to 2000 and 2008 scenarios, while billionaire Ray Dalio reportedly warned that the U.S. could face a debt crisis within three years.

U.S. stock futures were higher early Tuesday following a record-setting session for tech equities. 

As of 4:00 a.m. ET, Dow futures rose 0.5%, while Nasdaq, S&P 500 and Russell 2000 futures rose 0.2%. On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has moved to ‘extremely bullish’ from bullish, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has stayed ‘extremely bullish’ since last week.

Burry, Dalio Flag Risks

The stock rally is becoming increasingly concentrated around technology even as bond yields remain elevated. The 10-year Treasury yield climbed above 5.3% Monday, while the 30-year yield reached roughly 5.7%. Two of Wall Street’s most closely watched macro bears are warning that the rally may be masking growing risks.

Michael Burry, whose 2008 housing-market bet was chronicled in “The Big Short,” wrote that the stock market is in a “denial” phase reminiscent of 2000 and 2008. Separately, Bridgewater Associates founder Ray Dalio reportedly said the U.S. could face a debt crisis within three years as rising interest costs increasingly compete with government spending. 

Wednesday brings another bond-market test with the 10-year Treasury auction, followed by the release of the Federal Reserve’s September meeting minutes. The minutes could offer clues on the Fed’s rate path.

AI & Semiconductor Stocks In Focus 

Broadcom (AVGO): Wall Street banks have launched a record $60 billion debt syndication package tied to Anthropic’s lease of Google-designed TPUs supplied through Broadcom.

Microsoft (MSFT): Shares rose 0.5% in early premarket trading after Melius Research upgraded the stock to ‘Buy’ with a $665 price target. 

Separately, reports indicate that Microsoft and Meta Platforms (META) reduced internal Claude spending to promote their own tools.

Advanced Micro Devices (AMD): CEO Lisa Su has reportedly signaled that compute demand will outpace supply for the next several years, with plans to substantially increase capacity by 2027 while expanding critical packaging investments in Taiwan.

Nvidia (NVDA): Analyst Dan Ives reiterated a strong bull case, calling it “the one chip in the world fueling the AI revolution.” Meanwhile, BNP Paribas raised its price target to $345.

Oracle (ORCL): Shares rose marginally in early premarket trading after unconfirmed internal emails and reports suggested the company is offering new voluntary severance packages across management teams, following earlier workforce restructuring.

Seagate Technology (STX): JPMorgan projects memory and storage markets will remain supply-constrained through at least 2028. Reports also suggest Seagate made a higher bid for TDK’s magnetic-heads business.

Zeta Global (ZETA): Zeta agreed to acquire AI engineering company Senso. RBC also raised its price target to $40 from $31, citing momentum around strategic partnerships and Athena. 

Nuclear Power, Space And Satellite Stocks 

Constellation Energy (CEG): Shares rose 3% in early premarket trade following reports that it is nearing a multi-year nuclear power supply deal with Google (GOOGL) valued at approximately $1 billion.

Rocket Lab (RKLB): Cathie Wood’s ARK believes that the company has an “enormous opportunity,” particularly as SpaceX looks toward eventually retiring Falcon 9. 

AST SpaceMobile (ASTS): The company and Telus completed their first integration test. However, William Blair lowered its 2027 revenue estimate, citing slower BlueBird II launches and shipment delays. 

SpaceX (SPCX): Shares continue to rise in early premarket trading after reports of a proposed Florida natural-gas pipeline to support Starship launches and a renewed focus on its AI ambitions. The stock closed around $171 on Monday, its highest level since mid-June. 

Trending Stocks

Tesla (TSLA): Chatter about a potential merger with SpaceX keeps its on the retail radar. Baird said a possible SpaceX transaction could continue to dominate the near-term narrative, while analysts are also weighing Tesla’s better-than-expected third-quarter deliveries against weaker energy-storage deployments.

Nokia (NOK): CEO Justin Hotard reportedly said AI infrastructure customers could build data centers roughly twice as fast if memory and power constraints were removed. 

Oil Refiners (VLO, MPC, PSX, SUN): Shares rose in early premarket trade after President Donald Trump signed an executive order temporarily allowing off-road “dyed” diesel for highway use and deferring federal fuel taxes to mitigate transportation costs.

Lululemon (LULU): Shares hit a new 52-week low on Monday after investor Michael Burry disclosed a tax-loss sale of LULU shares into Deckers (DECK), adding that he is not “throwing in the towel” long term.

USA Rare Earth (USAR): USAR is attracting retail attention amid its rare-earth supply-chain ambitions and the appointment of Thras Moraitis as CEO. 

Other tickers trending on Stocktwits at the time of writing included Biocryst Pharmaceuticals (BCRX), Amprius Technologies (AMPX), Novavax (NVAX), and Gorilla Technologies (GRRR).

What Else To Watch Tuesday

On the economic front, investors will watch for trade balance data at 9:00 am ET. Fed officials will be closely watched throughout the day, with Fed Vice Chair for Supervision Michelle Bowman scheduled to speak in the afternoon and Kansas City Fed President Jeffrey Schmid later in the session. Dallas Fed President Lorie Logan is also scheduled to speak this evening. 

President Donald Trump is also scheduled to speak at an Anduril facility in Maryland. Trump administration’s focus on lower-cost autonomous defense technology could add another catalyst for defense and drone stocks.

The earnings slate is relatively light ahead of next week’s banking-heavy start to earnings season. Before the open, Apogee Enterprises (APOG), RPM International (RPM) and Lamb Weston (LW) are scheduled to report. After the close, investors will hear from Constellation Brands (STZ), Penguin Solutions (PENG), Neogen (NEOG), Worthington Steel (WS) and Saratoga Investment (SAR). 

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