Tower Semiconductor, CleanSpark surge premarket; IBM, JPMorgan slip

Investing.com - U.S. stock index futures pared early losses to trade near the flatline on Tuesday as investors shifted their focus from geopolitical tensions in the Middle East to the start of the second-quarter earnings season, led by major Wall Street banks.

By 08:15 ET, S&P 500 futures had slipped 0.2%, Nasdaq 100 futures had rebounded 0.4% after the previous session’s technology-led selloff, while Dow Jones Industrial Average futures slipped 0.5%.

Financials dominated the earnings calendar, while technology stocks remained under pressure following disappointing results from IBM.

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

Tower Semiconductor surged nearly 19% after unveiling a $3 billion expansion of its semiconductor operations in Japan. The investment, backed by $1 billion in Japanese government grants, will expand the company’s silicon photonics, silicon germanium and advanced packaging capacity.

CleanSpark jumped 15.6% after signing a 20-year infrastructure lease with an investment-grade global technology company at its Georgia data center campus. The agreement is expected to generate approximately $6.6 billion in contracted revenue over its initial term.

Liberty Energy climbed about 6% after announcing a strategic partnership with SLB to develop modular infrastructure and power generation solutions for data centers worldwide. SLB shares edged 0.6% higher.

IBM plunged 19% after preliminary second-quarter results missed Wall Street expectations, hurt by weakness in its infrastructure business. The disappointing update weighed on the broader software sector, sending shares of Accenture, ServiceNow, Workday and Salesforce lower in premarket trading.

JPMorgan Chase slipped 1.7% despite reporting second-quarter earnings and revenue that comfortably exceeded analyst estimates. Investors looked past the headline beat after a significant portion of the earnings was driven by one-off investment gains.

Bank of America eased 1.1% even after posting a 27% jump in quarterly profit, supported by record trading revenue and a sharp rebound in investment banking fees.

Wells Fargo gained 1.5% after the lender reported second-quarter earnings and revenue that topped Wall Street expectations, driven by stronger net interest income and a 17% increase in quarterly profit.

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