U.S. equities are positioned for a rebound Tuesday as investors buy back into technology following Monday’s semiconductor-led selloff. At 5:23 a.m. ET, S&P 500 futures were up 0.39%, Nasdaq 100 futures were up 0.75% and Dow futures were up 0.33%. The early strength is concentrated in AI and semiconductor shares ahead of Nvidia’s Wednesday earnings.
Monday’s session was considerably healthier beneath the index surface. The Dow gained 0.26%, while the S&P 500 fell 0.28%, the Nasdaq declined 0.76% and the Russell 2000 lost 0.76%. Eight of 11 S&P 500 sectors advanced, while Technology fell 1.59%. Breadth was positive at approximately 2.04:1 on the NYSE and 1.61:1 on the Nasdaq.
Treasury yields eased at the long end Monday, with the 2-year near 4.24%, the 10-year around 4.70% and the 30-year near 5.23%. Early Tuesday, yields were roughly 4.25%, 4.71% and 5.24%, respectively. The long end remains elevated as markets balance heavy Treasury supply, inflation uncertainty and continued debate over government efforts to reduce market volatility.
The DXY is holding near 99, with the euro around $1.166, sterling near $1.364 and the dollar near ¥159.3. WTI crude is trading around $84.60, extending Monday’s decline as markets assess U.S. sanctions on Iran and diplomatic efforts surrounding the Strait of Hormuz. Spot gold is near $4,635, consolidating after its recent surge.
Today’s economic calendar includes the June S&P Cotality Case-Shiller Home Price Index at 9:00 a.m. ET, followed at 10:00 a.m. by July new-home sales, August Conference Board Consumer Confidence and the Richmond Fed Manufacturing Index. Wednesday brings the week’s major macro catalysts with July PCE inflation, durable-goods orders and revised second-quarter GDP, followed by Nvidia earnings after the close. Fed Chair Kevin Warsh speaks at Jackson Hole Friday.
Sector Highlights
Consumer Staples led Monday at +1.76% (vs. S&P 500), followed by Financials +1.24%, Utilities +1.04%, Communication Services +1.01%, Real Estate +0.60%, Materials +0.30%, Consumer Discretionary +0.29% and Health Care +0.02%. Industrials fell 0.69%, Energy declined 0.76% and Information Technology dropped 1.59%.
Information Technology
- Nvidia (NVDA +1.3% premarket) is rebounding after falling 2.9% Monday and posting its seventh consecutive losing session. Options markets are pricing approximately a 5.4% move after Wednesday’s earnings, equivalent to roughly $280 billion of market capitalization. Consensus expectations center on quarterly revenue of approximately $92 billion, but guidance, margins, hyperscaler capital spending and evidence that customers are generating adequate returns on AI investments will likely matter more than the headline quarter.
- Micron Technology (MU +2.3%), Western Digital (WDC +2.7%) and SanDisk (SNDK +3.0%) are leading the semiconductor/storage rebound after being among Monday’s largest technology decliners. Micron fell nearly 6% Monday as investors took profits in some of 2026’s strongest AI-infrastructure winners.
- Intuit (INTU) reports after today’s close, providing another read on software spending and small-business activity ahead of the considerably larger technology earnings events later in the week.
Communication Services
- Meta Platforms (META +1.0% premarket) is participating in the mega-cap rebound. The stock remains closely tied to the broader debate over AI capital intensity, with investors increasingly focused on whether enormous infrastructure spending by hyperscalers translates into durable revenue growth and free-cash-flow returns.
- Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) remain in focus after California Attorney General Rob Bonta canceled settlement talks concerning Paramount’s proposed $110 billion acquisition of Warner Bros. Discovery. California and 11 other states are challenging the transaction, with a March trial looming if the parties cannot reach a settlement. The renewed legal uncertainty remains an overhang for both securities.
- Zoom Communications (ZM) reports fiscal second-quarter results after the close. Consensus expectations are roughly $1.27 billion of revenue and $1.48 of adjusted EPS, with enterprise demand and monetization of the company’s expanding AI product suite likely to determine the reaction.
Consumer Discretionary
- Tesla (TSLA) raised U.S. prices by $5,000 on both its Cybertruck dual-motor and premium all-wheel-drive configurations, taking prices to $74,990 and $84,990, respectively. The move comes as the broader auto industry faces renewed pricing and supply-chain uncertainty from escalating U.S.-Canada trade tensions.
- Ford (F), General Motors (GM) and Stellantis (STLA) remain exposed to the trade dispute after President Trump threatened 50% tariffs on Canadian-built vehicles and auto parts beginning January 1, 2027. Ford fell about 3.4%, GM 1.1% and Stellantis 3.5% Monday as investors priced the risk to deeply integrated North American supply chains.
- Dick’s Sporting Goods (DKS) reports before Tuesday’s open. Consensus expectations are approximately $3.76-$3.78 per share of earnings and $5.65 billion of revenue, making the results another useful check on discretionary consumer demand following mixed recent retail data.
Materials
- Nucor (NUE), Cleveland-Cliffs (CLF) and Steel Dynamics (STLD) remain beneficiaries of the renewed U.S.-Canada tariff dispute. Domestic steel shares initially rallied sharply Monday after the collapse of negotiations removed expectations that tariffs on Canadian steel would soon be reduced. The stocks later surrendered part of those gains, but the breakdown in talks restores trade policy as a major near-term driver for the group.
