U.S. stock futures pointed to small losses Tuesday after the major indexes reached all-time highs the previous session, driven by enthusiasm over artificial intelligence.
Dow Jones Industrial Average futures contracts dropped 213 points, a decline of 0.4%. Nasdaq $NDAQ 100 futures edged down 0.1%, and S&P 500 futures lost 0.2%. The retreat came after a strong Monday. Nvidia $NVDA stock led tech gains that pushed the major averages to record highs, with the S&P 500 notching its ninth consecutive week of gains.
Several major AI-related developments are competing for investor attention Tuesday. Anthropic filed for an IPO, while Google $GOOGL parent Alphabet said it would raise $80 billion from stock sales to fund its AI buildout, including a $10 billion investment from Berkshire Hathaway $BRK.B. Google stock fell 2.3% in premarket trading.
Hewlett Packard Enterprise reported record quarterly revenue of $10.7 billion in its fiscal second quarter on Monday, up 40% from a year ago, as demand for AI infrastructure drove results well past Wall Street expectations.
And Marvell Technology stock surged roughly 25% in premarket trading Tuesday after Nvidia CEO Jensen Huang called the chipmaker the next trillion-dollar company during an appearance at the Computex trade show in Taipei.
Nvidia stock also gained about 1.6% in premarket trading. Shares advanced Monday after the AI chip company unveiled the RTX Spark, its first chip designed to serve as the main processor in Windows PCs.
Middle East tensions are also weighing on markets. Oil prices surged Monday following reports from Iranian state media that Tehran intends to halt back-channel communications with the U.S. and is prepared to shut down the Strait of Hormuz. By Tuesday, Brent crude, which serves as the global oil price benchmark, had pulled back to approximately $93 a barrel after its Monday surge.