Nasdaq Futures Sink, Dow Rises Premarket As AI Chip Stocks Wobble Ahead Of Big Bank Earnings: MU, SNDK, NVTS, NVDA, SPCX, ASTS, UNH, V Stocks In Focus

On Stocktwits, retail sentiment toward SPY and QQQ has remained ‘bullish’.

• Chip and semiconductor stocks extend the decline after industry leaders’ warning on AI spending sparks rout in South Korea’s KOSPI. 
• All eyes on big bank earnings today as JPM, GS, C, WFC gear up to report before the bell today. 
• Michael Burry has flagged that the market could be setting up for a “bull trap” and added that he is holding back from adding any fresh bearish positions at current levels. 

U.S. stock futures were mixed early Tuesday as Wall Street financial institutions officially kick off the third-quarter earnings season and traders digested turbulence in artificial intelligence (AI) and semiconductor stocks. JPMorgan Chase (JPM), Goldman Sachs (GS), Citigroup (C), and Wells Fargo (WFC), along with UnitedHealth and J&J, report before the bell today.

As of 4:00 a.m. ET, Nasdaq futures fell 0.6%, S&P 500 futures were down 0.1%, while Dow futures rose 0.6% and Russell 2000 futures gained 0.5%.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, remained ‘bullish’.

Noted investor Michael Burry flagged that the market could be setting up for a “bull trap” and added that he is holding back from adding any fresh bearish positions at current levels. 

The Tech Radar

Memory (MU, TSM, SKHY) and semiconductor stocks (NVDA, INTC, SNDK, AMD) extended the selloff in early premarket trading after capital-expenditure warnings from industry leaders and emerging competition from China’s CXMT.

Broadcom (AVGO) CEO Hock Tan cautioned that access to capital could become a bigger bottleneck for AI infrastructure compared to chip or power availability. Intel CEO Lip Bu-Tan also raised questions recently about borrowing costs and the return on AI investments.

In Korea, Samsung and SK Hynix dragged the KOSPI down over 6% on Tuesday. The Direxion Daily South Korea Bull 3X Shares (KORU ETF) cracked over 10% in early U.S. premarket trade.

Nvidia (NVDA): Reports citing IDC data show Nvidia’s share of China’s data-center AI chip market fell to 34% in the first half of 2026 as Huawei gained ground. 

Navitas Semiconductor (NVTS) shares rose over 1% in early premarket trade after the company unveiled a 24kW power delivery board developed with Nvidia to target improved efficiency in AI racks. 

Optical networking stocks (COHR, LITE, AAOI) continued to fall in early premarket trade amid concerns over AI funding. However, retail traders on Stocktwits remained bullish and saw the dip as a buying opportunity.

Meta Platforms (META): Its Muse AI retention data and traction drew a “monster long” call from Jim Cramer, while Dan Ives continued to make a bullish case, citing its competitive AI edge. 

Apple (AAPL) remains on the retail radar after a Bank of America note flagged shorter wait times for iPhone 18 Pro delivery than last year. Investors are also watching iPhone Duo pre-orders, scheduled to open on Friday.

Cerebras (CBRS) shares continued to decline in early premarket trading, hitting a new 52-week low amid concerns about its relationship with OpenAI and an upcoming lockup expiring Wednesday. 

Trending Stocks

SpaceX (SPCX) launched 27 Starlink broadband satellites late on Monday, its first such mission in over three weeks. 

AST SpaceMobile (ASTS) remains on the retail radar even as an analyst flagged competitive risks from Starlink’s spectrum ambitions. They said SpaceX could build a “massive” midband spectrum by combining Ligand, Viasat-related spectrum access, and licenses from a proposed FCC auction.

Telecom stocks (TMUS, VZ): Analysts have said that fears from SpaceX’s $8 billion spectrum deal to T-Mobile are ‘overblown’. Morningstar added that while the Starlink deal does raise uncertainty for wireless carriers, it is unlikely to threaten their operations. 

Tesla (TSLA) will be showcasing its Cybercab robotaxi at the Paris Motor Show this week, along with an Optimus robot and free FSD test drives.

UnitedHealth Group (UNH) is trending on Stocktwits ahead of earnings today, with options market pricing in a 6.5% elevated move and analysts flagging high implied volatility. 

Six Flags Entertainment (FUN) shares fell 13% in early premarket trade following news of a guest fatality on the Goliath roller coaster at Six Flags in Georgia. 

Visa (V) shares rose over 1% in early premarket trading after China gave it the green light to begin preparing for a domestic bank-card clearing business, after years of regulatory hurdles.

Other tickers trending on Stocktwits at the time of writing included Netflix (NFLX), Nuscale Power (SMR), Palantir (PLTR), and First Solar (FSLR).

What Else To Watch On Tuesday

On the economic front, traders will tune in throughout the day for speeches from Fed Governor Christopher Waller, Richmond Fed President Thomas Barkin, and Boston Fed President Susan Collins. Meanwhile, on Monday, Cleveland Fed President Beth Hammack said that additional tightening may be required to return inflation to the Fed’s 2% target.

This comes ahead of key inflation data (September CPI on Wednesday and PPI on Thursday) and Fed Chair Kevin Warsh’s speech later in the week. Existing home sales data will be released at 10:00 am ET today. 

On the earnings front, watch out for JPMorgan Chase (JPM), UnitedHealth (UNH), Wells Fargo (WFC), Citigroup (C), Domino’s Pizza (DPZ), and Johnson & Johnson (JNJ), among others, reporting today.

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