U.S.-listed Alibaba shares fell 3.4% in premarket trading on Monday after the company announced a $10.2 billion share sale at a steep discount to fund artificial intelligence investments.
Futures for the Dow E-minis, S&P 500 E-minis and Nasdaq 100 E-minis were down 0.05%, 0.2% and 0.6% respectively at 06:33 ET, as investors positioned for a heavy week of market-moving events. Treasury Secretary Scott Bessent is scheduled to hold a press conference Monday afternoon, while Federal Reserve Chair Kevin Warsh is set to deliver remarks at the Jackson Hole Economic Symposium later in the week. Nvidia is also due to report quarterly earnings on Wednesday.
Nvidia’s shares were up 0.1% premarket despite reports over the weekend that some of its largest customers were told prices for servers containing its AI chips would rise by more than 15% in many cases. The company remains the world’s most valuable by market capitalization.
Other megacap technology names were mixed, with Apple rising 0.4% and Alphabet slipping 0.3%. Chipmakers underperformed, with Sandisk down 5%, Seagate off 3.2% and Coherent declining 4.7%.
Consumer and retail names showed divergent moves. Birkenstock shares gained over 3% premarket, recovering from near 52-week lows following a secondary offering and subsequent selloff in mid-August. The company reported fiscal third-quarter revenue of €719.5 million, exceeding forecasts, and raised its full-year revenue growth guidance to 15% in constant currency. Adjusted EBITDA guidance was also increased, though adjusted earnings per share came in slightly below consensus. The stock received additional support from an ongoing accelerated share buyback program.
Homebuilder PulteGroup advanced 2.1% after Wolfe Research upgraded the company to “Outperform” from “Peerperform.” Analysts noted PulteGroup’s 2026 EPS estimate was trimmed just 2.7% from its start-of-year forecast, the smallest reduction among homebuilders under coverage, compared with an average cut of 21.4% across peers.
Jersey Mike’s Subs rose slightly after at least four brokerages initiated coverage with mostly bullish ratings following the end of the post-IPO quiet period. The sandwich chain’s IPO raised roughly $1 billion, pricing at $23 per share, the midpoint of its marketed range.
Investors are also monitoring geopolitical developments, with U.S. officials signaling potential new sanctions targeting Iran’s trade partners, described as the greatest financial offensive ever.
