Stock Futures Little Changed After S&P 500, Nasdaq Close at Records

Stock futures were little changed Tuesday after the Nasdaq and S&P 500 posted fresh closing highs on AI optimism.

The tech-heavy Nasdaq and benchmark S&P 500 ended up a respective 0.7% and 0.4% yesterday, aided by news that Advanced Micro Devices (AMD) was partnering with ChatGPT maker OpenAI on a massive chip deal. AMD shares soared 24% Monday and were up a further 4% in premarket trading.

The blue-chip Dow Jones Industrial Average closed down 0.1% Monday, and futures associated with the three major indexes were all within 0.1% of yesterday’s ending levels as investors continue to downplay the U.S. government shutdown, which began just after midnight last Wednesday.

Gold futures were hovering near record highs approaching $4,000. Bitcoin was down slightly at $124,200, just below the $125,000 threshold first reached over the weekend. The 10-year Treasury yield—which affects borrowing costs on all sorts of loans—ticked higher to 4.17% from 4.16% at Monday’s close.

The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was up 0.3% to 98.44. West Texas Intermediate crude oil futures slipped 0.4% to $61.40 per barrel.

In corporate news, AppLovin (APP) shares fell a further 3% in premarket trading after sinking 14% yesterday on a report that the Securities and Exchange Commission was investigating the mobile app monetization company’s data-collection practices after a whistleblower’s complaint.

Trilogy Metals (TMQ) stock more than tripled after the White House announced it was reversing a Biden administration block on the Ambler Road project in Alaska and taking a 10% stake in the Canadian firm to support mining exploration there.

Elsewhere, IBM (IBM) stock surged 5% before the bell on news it was partnering with Anthropic to integrate the AI firm’s Claude large language model into its enterprise software; Ford Motor (F) shares slipped 1.5% on a report that a fire at a major aluminum supplier would affect production for months; and Constellation Brands (STZ) stock rose 3% after the parent of Modelo and other beer brands reported better-than-expected quarterly results.

Also, Tesla (TSLA) shares, which jumped 5.5% yesterday after the company teased a Tuesday product launch, were down 0.6%, while those of Amazon (AMZN) ticked higher as the e-commerce giant began its two-day Prime Big Deal Days.