AI-linked chip stocks rebound; Powell Industries tumbles premarket

Investing.com - U.S. stock index futures rose on Tuesday as investors weighed mixed signals surrounding renewed Middle East peace talks while awaiting quarterly results from Elon Musk’s SpaceX, with semiconductor shares finding support from another round of upbeat AI-related earnings.

Technology stocks extended their recent rebound after strong results from ON Semiconductor reinforced expectations that artificial intelligence infrastructure spending remains resilient, although caution persisted ahead of key corporate earnings and geopolitical developments.

By 05:45 ET (09:45 GMT), Dow Jones Industrial Average futures had risen 55 points, or 0.1%, S&P 500 futures were up 9 points, or 0.1%, while Nasdaq 100 futures gained 183 points, or 0.6%.

Here are some of the biggest premarket U.S. stock movers today:

Ameresco surged 29.9% after the energy infrastructure company reported second-quarter revenue that comfortably beat Wall Street expectations and raised its full-year earnings outlook. Investors also welcomed a record project backlog, reflecting growing demand for power infrastructure supporting AI-focused data centers.

Voyager Technologies climbed 15.7% after the defense and space technology company posted better-than-expected quarterly revenue and a smaller-than-anticipated loss. Record bookings and a record backlog further boosted investor confidence in the company’s growth outlook.

ON Semiconductor rose more than 7% after the chipmaker reported second-quarter earnings and revenue above analyst expectations, helped by continued strength in artificial intelligence data center demand. The company posted adjusted earnings of $0.74 per share on revenue of $1.60 billion, both ahead of Wall Street forecasts.

Snap jumped nearly 9% after the social media company delivered a broad earnings beat, reporting stronger-than-expected revenue, adjusted EBITDA and daily active users. The results pointed to improving advertising demand and stronger user engagement.

Wix.com gained 3.1% after posting quarterly earnings and revenue that topped analyst estimates. The results marked a rebound after investor concerns earlier this year over higher artificial intelligence-related spending.

Nike fell 2.5% after JPMorgan downgraded the sportswear giant to Underweight from Neutral and cut its price target to $40 from $47. The brokerage argued the shares could face further downside despite already losing nearly half their value over the past year.

Amazon slipped 2.1% after founder Jeff Bezos disclosed plans to sell 15 million shares worth roughly $4.1 billion through a pre-arranged trading plan. While the sale was viewed as having little impact on the company’s fundamentals, it prompted near-term profit-taking.

Prologis declined 2.8% after the logistics real estate investment trust announced a 15 million-share offering expected to raise approximately $2.1 billion. The proceeds will be used for general corporate purposes, including potential acquisitions.

Powell Industries tumbled 14.0% after the electrical equipment maker missed Wall Street expectations on both earnings and revenue for a second consecutive quarter. Although new orders reached a record level and backlog expanded sharply, investors focused on the earnings miss and weaker-than-expected quarterly sales.

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