Stock futures were dropping Monday after a flare-up in tensions between the U.S. and Iran raised uncertainty about the looming second round of cease-fire talks.
These stocks were making moves in premarket trading:
Marvell Technology jumped 7.6%. Alphabet's Google is in talks with the company to develop two custom artificial-intelligence chips, the Information reported on Sunday, citing two people with knowledge of discussions. Google and Marvell didn't immediately respond to requests for comment from Barron's. Shares in Broadcom, which earlier this month extended an AI chip design partnership with Google, declined 1.5%.
AST SpaceMobile, Inc. slumped 14% after the satellite maker suffered a setback in its plan for space-based broadband. An AST SpaceMobile satellite being carried by a Blue Origin rocket was put into an incorrect position on Sunday and it will now have to be taken out of orbit.
Chevron and Exxon Mobil both climbed 1.6% as the standoff in the Middle East sparked a rebound in oil prices. APA, up 3%, and Occidental Petroleum and Valero Energy were among the other oil and gas stocks rising ahead of the opening bell.
American Airlines dropped 2.8% after the carrier said it wasn't engaged in any talks regarding a merger with rival United Airlines. The threat of higher fuel costs also dragged down airline stocks: Delta Air Lines and United were down 2% and 2.8%, respectively.
Fermi plummeted 16% after the developer of an AI data center in Texas said that co-founder and CEO Toby Neugebauer had departed from his role.
Sandisk fell 1.4%. The flash memory product supplier is set to join the Nasdaq 100 on Monday. Atlassian, which is leaving the tech-heavy index, slid 0.8%.
Cleveland-Cliffs, Alaska Air, and Steel Dynamics are scheduled to report earnings Monday.
