Stock futures were inching higher Tuesday as investors awaited the Federal Reserve’s decision on interest rates.
These stocks were poised to make moves Tuesday:
Nvidia climbed 1.9% ahead of the opening bell after President Donald Trump said he planned to allow the company to sell its more advanced H200 artificial intelligence chip to China. Trump seemed to imply that Nvidia would pay a 25% fee on any sales to China. He said that Chinese leader Xi Jinping had “responded positively” to the plan, although it remains to be seen whether Beijing will allow Nvidia to sell the H200 in the country.
Trump said the Commerce Department will finalize the details, and the government will allow fellow chip makers Advanced Micro Devices and Intel to do similar deals. AMD gained 1.4% and Intel shares added 1% in the premarket session.
Ares Management jumped 8.3%. The asset manager, which specializes in private credit, is headed to the S&P 500. Ares, which is one of the largest companies by market value not already in the benchmark index, will replace Pringles and Pop-Tarts owner Kellanova, which is set to be acquired by private company Mars Inc.
Toll Brothers fell 4.5% after the luxury homebuilder missed analysts’ earnings estimates for its fourth quarter, although revenue came in above expectations. It’s been a bumpy year for homebuilders, with high housing costs squeezing would-be buyers out of the market.
Alexander & Baldwin, the Hawaiian real-estate developer, will be taken private in a $1.54 billion cash deal. The company will be purchased for $21.20 a share by a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest. Shares of Alexander & Baldwin jumped 38% in premarket trading to $20.83.
Norwegian Cruise Line Holdings declined 2.4% to $18.65 after being downgraded to Neutral from Buy at Goldman Sachs with a price target of $21, down from $23. Viking Holdings, meanwhile, gained 2.4% after Goldman upgraded the stock to Buy from Neutral.
Sporting goods retailer Academy Sports & Outdoors, automotive parts retailer AutoZone, canned foods producer Campbell’s, identity security company SailPoint, defense technology manufacturer AeroVironment, convenience store chain Casey’s General Stores, restaurant chain Cracker Barrel Old Country Store, and videogame retailer GameStop are all set to report earnings on Tuesday.
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