By Joe Woelfel
Stock futures were rising modestly Tuesday after Wall Street tanked Monday on increasing worries the U.S. economy would tip into a recession. Tech shares were the leading decliners and the Nasdaq Composite, down 4% on Monday, suffered its largest one-day percentage decline since Sept. 13, 2022.
These stocks were poised to make moves Tuesday:
The worst of the tech stocks on Monday was electric-vehicle giant Tesla, which fell 15% as investors considered the possibility of a recession and a Wall Street analyst cut his forecast for the company's first-quarter deliveries. Tesla has dropped 45% this year, with disappointing sales data and investors' belief that Chief Executive Elon Musk's role in the Trump administration means he isn't focused on the car company. In an interview Monday on Fox Business, Musk said he was running his businesses " with great difficulty." Tesla was up 4.4% in premarket trading.
Palantir Technologies dropped 10% on Monday to $76.38 and ended the session up just 1% this year. Coming into Tuesday, the data-analytics company has declined 39% since its record close of $124.62 in mid-February. It was falling another 0.3% in premarket trading.
Nvidia was up 1.4% in the premarket session. The leading maker of artificial-intelligence chips fell 5.1% on Monday and widened its losses in 2025 to 20%. The decline marks the stock's worst start to a year since 2022.
Oracle reported fiscal third-quarter adjusted earnings and revenue that missed analysts' estimates but the enterprise software company said it signed cloud agreements with several major tech companies, including OpenAI, Meta Platforms and Nvidia, that would help drive a 15% increase in overall revenue in the next fiscal year beginning in June. Shares were down 1.7%.
Delta Air Lines was down 10% in premarket trading after slashing first-quarter earnings and revenue estimates, with the carrier citing weaker demand. "The outlook has been impacted by the recent reduction in consumer and corporate confidence caused by increased macro uncertainty, driving softness in domestic demand," Delta said in a filing. The company reduced its first-quarter adjusted earnings forecast to 30 cents to 50 cents a share from previous guidance of 70 cents to $1 a share, and said it expects revenue to increase 3% to 4%, down from its prior outlook of an increase of 7% to 9%.
Asana plunged 34% after CEO Dustin Moskovitz announced he was retiring and the work management software company said it expects fiscal first-quarter revenue of $184.5 million to $186.5 million, below analysts expectations of $191 million. The company's outlook for the current fiscal-year revenue also missed expectations. Moskovitz co-founded San Francisco-based Asana 17 years ago.
Apple was down slightly in premarket trading after falling 4.9% on Monday for its widest one-day percentage drop since Sept. 29, 2022, when the iPhone maker fell 4.91%, according to Dow Jones Market Data. Citi analysts expect Apple to sell 232 million iPhones in calendar 2025, up 2% from the prior year but down from an earlier estimate of 5%. The analysts cited a delay in the rollout of an update to the company's Siri assistant for the reduced forecast.
Vail Resorts was up 2.9% after the ski-resort operator reported better-than-expected fiscal second-quarter earnings.
Earnings reports are expected Tuesday from Ferguson Enterprises, Viking Holdings, Dick's Sporting Goods, Ciena, United Natural Foods, and Kohl's.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 11, 2025 05:08 ET (09:08 GMT)
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