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An AI-fueled rally sent the Nasdaq to a record close on Monday and AMD into the $1 trillion club.
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Investors now turn to the Trump-Xi summit, Iran tensions, oil prices and a busy slate of Fed speakers for more clues.
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Alibaba unveiled a new AI accelerator that it says is its most powerful yet, putting the Chinese tech giant into the AI-chip conversation just days before the Trump-Xi meeting.
U.S. stock futures took a breather early Tuesday after a stellar session on Wall Street saw the Nasdaq close at a record high. Semiconductors and mega-cap AI stocks led the rally, with Meta’s high-profile rollout of its Muse AI assistant and AMD breaching the $1 trillion market cap for the first time.
As of 4:00 a.m. ET, Nasdaq and S&P 500 futures were flat with a negative bias, while Dow and Russell 2000 futures were down 0.2%.
However, on Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has moved to ‘neutral.’
Oil Is Back On The Radar
Meanwhile, crude oil prices rose, with Brent crossing $100/barrel following U.S. sanctions targeting Iranian aviation alongside military escalations in the Middle East.
U.S. Treasury Secretary Scott Bessent reportedly said that Iranian airlines would be cut off from global fueling, landing services, and the dollar financial system starting Wednesday. Iranian president Masoud Pezeshkian is also set to fly to the United Nations in New York to present Iran’s positions on “international developments.”
Big Event This Week: Trump-Xi Meet
Investors are also closely eyeing a high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping, accompanied by top tech CEOs, to address critical trade, tariff, and AI governance frameworks ahead of the expiration of the U.S.-China trade truce.
The Tech Radar
Meta (META): Shares rose nearly 1% in early premarket trade. Meta was Monday’s star performer after its Muse AI product climbed the U.S. app-store charts. Cathie Wood’s ARK bought about 51,000 shares of Meta yesterday, along with BEAM and IONS.
AMD (AMD): It became the 14th U.S. company to reach a $1 trillion market capitalization. The stock is among the top trending tickers on Stocktwits, with retail traders focused on renewed CPU demand.
Alibaba (BABA): Shares rose over 1% in early premarket trade after unveiling the Zhenwu V900, which the company describes as China’s most powerful AI accelerator and says delivers three times the performance of its predecessor.
