Stock futures were higher Tuesday as Wall Street raised bets the Federal Reserve will cut interest rates this week by 50 basis points. Economic data to be released Tuesday includes monthly U.S. retail sales.
These stocks were poised to make moves Tuesday:
Intel jumped 6.8% after the semiconductor maker said it would be turning its chip contract manufacturing business into an independent subsidiary and reached a multibillion-dollar agreement for Amazon.com's Amazon Web Services to manufacture chips at Intel factories using an advanced chip-making technology expected to go into production in 2025. Intel also said would be receiving $3 billion in federal funding to make chips for the Defense Department.
Mobileye Global, the Israeli developer of driver-assistance technology, was rising 3.2% after the company wasn't mentioned as part of what Intel called "the next phase" of its "transformation." It was reported earlier this month by Bloomberg that Intel was considering options for its stake in Mobileye as part of a chip maker's overhaul. Intel currently owns 88% of Mobileye.
Microsoft rose 1.5% after the software giant said it would boost its quarterly dividend by about 11% to 83 cents a share and that its board authorized a new stock buyback program of up to $60 billion.
Dell Technologies rose 1.6% to $117.22 after shares of the personal-computer maker were initiated with an Outperform rating and price target of $135 at Mizuho. The analysts also initiated coverage of Super Micro Computer at Neutral and a $450 price target. Shares of the server maker were rising 0.5% to $451.50 in premarket trading.
Ferguson Enterprises, the distributor of plumbing supplies, is scheduled to report quarterly earnings before the stock market opens Tuesday.
