US stock futures were little changed on Tuesday as a tentative rebound in chip and AI shares struggled to offset another rise in oil prices and stubbornly high Treasury yields.
Dow, S&P 500 and Nasdaq 100 futures edged slightly higher on Tuesday, clawing back only a small part of Monday’s losses.
Brent traded around $106-$107 a barrel as US-Iran talks remained stalled, while the 10-year Treasury yield held near 5.25%.
Investors were also preparing for August job openings data and a heavy Fed speaking schedule, with markets assigning roughly a 70% chance to another rate increase in October.
5 things to know before Wall Street opens
1. AI stocks are trying to rebound
Nvidia rose nearly 1% in pre-market trading after expanding its share-buyback authorisation by $150 billion, while Micron, Broadcom and Marvell also moved higher after Monday’s sector selloff.
JPMorgan’s market-intelligence team led by Andrew Tyler told MarketWatch that it had turned more constructive on technology, particularly semiconductors and the Magnificent Seven, as earnings momentum remains strong.
OpenAI’s DevDay later on Tuesday adds another near-term catalyst for the AI trade.
2. Anthropic’s IPO filing puts AI spending under scrutiny
Anthropic is seeking a valuation above $2 trillion, but its prospectus also exposes the capital intensity behind frontier AI.
Revenue rose to about $4.6 billion in 2025 from roughly $400 million a year earlier, while operating losses exceeded $8 billion.
The company also disclosed $518 billion of future cloud and infrastructure commitments.
That combination gives public-market investors a fresh benchmark for deciding how much growth can justify the sector’s extraordinary spending.
3. Oil and bond yields remain the macro problem
Brent rose towards $107 and WTI traded near $94 as Washington and Tehran failed to narrow their differences. The 10-year Treasury yield hovered near 5.25%, while the 30-year remained around 5.55%.
Deutsche Bank strategist Henry Allen told MarketWatch that geopolitical developments feeding through oil and inflation expectations were an important force behind elevated bond yields.
For equities, that keeps pressure on valuations, particularly for long-duration growth stocks.
4. JOLTS begins a crucial run of US data
The Labor Department will release August job openings at 10 am ET, the first major labour-market test of the week.
Fed officials including Michelle Bowman, Michael Barr and Christopher Waller are scheduled to appear on Tuesday, while New York Fed President John Williams is due to deliver remarks at 2 pm ET.
August PCE data arrive Wednesday, followed by the September employment report on Friday, giving markets two bigger tests of the October rate-hike case.
5. Summit surges while PepsiCo faces another downgrade
Summit Therapeutics jumped more than 20% before the bell after AstraZeneca agreed to invest $2 billion and collaborate on cancer-drug studies involving ivonescimab.
PepsiCo slipped after JPMorgan downgraded the shares to Neutral from Overweight and cut its target to $138 from $170.
JPMorgan analysts said that North American trends remained weak despite repeated efforts to revive Frito-Lay and beverage growth, forcing the company to rely more heavily on productivity improvements.
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