5 Things to Know Before the Stock Market Opens

Stock futures are little changed after major index finished yesterday at new all-time highs; bitcoin is pulling back from its $125,000-record high, while gold is hovering near its record just under $4,000 an ounce; Advanced Micro Devices (AMD) shares continue to rally on the back of its massive deal with OpenAI; the Trump Administration is buying 10% in Trilogy Metals as it looks to unlock Alaskan critical minerals; andTesla (TSLA) has teased an event that analysts believe could bring a more affordable EV model. Meanwhile, Amazon (AMZN) kicks off its two-day Prime Big Deal Days sales.  Here’s what you need to know today.

1. Stock Futures Steady After Major Indexes Hit New Highs

Stock futures are little changed this morning after the benchmark S&P 500 index and the tech-heavy Nasdaq Composite set new record highs on Monday, boosted by optimism around the AI spending boom after OpenAI disclosed plans to take a stake in Advanced Micro Devices (AMD). The U.S. government shutdown entered its seventh day but appears to have little impact on share trading. The yield on the 10-year Treasury note, which can influence the borrowing costs on a range of consumer loans, ticked higher to 4.17%.

2. Bitcoin Slips, Gold Touches New High

Bitcoin (BTCUSD) is trading at around $124,400 after hitting record highs above $125,000 the past two days as investors seek a hedge amid uncertainty around the ongoing U.S. government shutdown and the waning value of the U.S. dollar. Bitcoin is up more than 50% from its April lows of below $80,000. Gold futures, which have also rallied lately as investors seek safe havens, were up slightly at $3,990 a ounce, trading at record levels.

3.  AMD Shares Keep Rallying After Massive OpenAI Deal

Advanced Micro Devices (AMD) shares are rising in premarket trading after surging 24% Monday following news the chipmaker had entered into a major partnership with OpenAI. The ChatGPT owner, which recently surpassed SpaceX as the world’s most valuable startup, is buying several generations of AMD’s AI chips in a long-term deal that could also see OpenAI acquire a stake in the semiconductor firm. AMD shares were up nearly 4% recently. Meanwhile, some of the companies mentioned by the ChatGPT maker at its DevDay developer conference Monday as partners for “App SDK” continued to rally. Shares of design software provider Figma (FIG) were up 7%, while Coursera (COUR) added 2%.

4. US Takes Stake in Trilogy to Unlock Alaska Mining Deposits

Shares in Trilogy Metals (TMQ) more than tripled in premarket trading on news the U.S. plans to invest $35.6 million to take a 10% stake in the Vancouver mining firm as the Trump administration looks to unlock access to minerals in Alaska and revive the 211-mile Ambler Road project.The U.S has the option to buy a further 7.5% stake in Trilogy contingent on the completion of the Ambler Road project.Trilogy Metals owns copper and other deposits in the Ambler Metals project in Northwest Alaska. The deal to unlock Alaskan mining deposits is the Trump Administration’s latest investment in companies deemed critical to national security, coming a week after the U.S. said it would take a stake in another Canadian mine developer, Lithium Americas (LAC). 

5. What Does Tesla Have Up Its Sleeves?

Tesla (TSLA) has teased the prospect of an event Tuesday that some analysts speculate could bring a more affordable EV, following two videos the company posted on Elon Musk’s social platform X over the weekend. The EV company, which is run by Musk, on Sunday posted a short video on X depicting a spinning wheel and Tuesday’s date. It later shared another showing the headlights of a vehicle, details of which couldn’t be easily seen.

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