US stock-index futures traded mixed on Tuesday morning. The Nasdaq 100 was priced by broker IG at 30,474, only marginally below Monday's close. The tech index had gained 2.8% early in the week, narrowing the gap to its June record to less than 300 points. Meta Platforms drove part of the advance after a strong launch of its AI assistant Muse, while semiconductor suppliers also posted meaningful gains. IG forecast the Dow Jones Industrial at 52,278, up 0.4%.
"I can't imagine anyone initiating short positions in technology and AI stocks ahead of the third-quarter earnings season," said David Kruk, head of trading at La Financière de l'Echiquier in Paris. "There is also hope that Trump finds a way to bring oil prices down before the midterms."
Voters will choose the entire US House and roughly a third of the Senate in November. US President Donald Trump faces risks to his party's margins in both chambers because of the unpopular Iran conflict. Iranian parliament speaker Mohammed Bagher Ghalibaf told Iranian media that "diplomacy means not capitulation but converting strength on the field into political gains," adding that Trump "must know he cannot impose his will on the Iranian people and armed forces." Iranian President Massud Peseschkian arrived in New York for the UN General Assembly and is expected to speak Wednesday, with observers also speculating about possible meetings between the Iranian delegation and US officials or mediators.
At New York-listed Alibaba, shares were poised for another 3.1% gain following a recovery on Monday. The Chinese e-commerce rival announced it is launching China's most powerful domestic AI chip, intended to challenge Nvidia and support massive data-center expansion over the coming years. Nvidia's own shares slipped slightly.
Other semiconductors that had rebounded sharply saw modest pullbacks. ARM Holdings, Intel and AMD each opened about 1% lower; AMD's market value had briefly surpassed $1 trillion on Monday.
Grab rose 4.8%, buoyed by news that CEO Anthony Tan disclosed extensive share purchases to the SEC. The ride-hailing firm had attempted a stabilization move on Monday after a prolonged downturn. GameStop gained 4.1% on insider stock purchases.
Swiss running-wear maker On jumped more than 6% in premarket trading after announcing a buyback of up to $1 billion in shares through the end of 2029 and new long-term targets. By 2029, On aims for currency-adjusted revenue growth in the upper single-digit range and net revenue of at least CHF 5.6 billion. For the current quarter, the company forecasts currency-adjusted revenue growth of about 17%. On has faced weakening demand in its key US market and is betting on growth in apparel, sneakers and new sports categories; it recently announced a sponsorship deal with French footballer Kylian Mbappé to challenge Nike, Adidas and Puma.
S&P 500 futures were flat at -0.03%, while Dow and Nasdaq futures showed small negative readings as well.
In Switzerland, the SMI rose 0.4% to 13,974 points and the SPI climbed 0.20% to 19,799. Geberit led the SMI with a 3.2% gain. UBS fell 0.9%, having dropped nearly 4% intraday on Monday; the bank is expected to remain in focus over upcoming debate on financial-sector regulation. Zurich and Swiss Re also weakened, down 1.0% and 0.7% respectively.
Logitech gained 2.7% and Givaudan 1.7%. Kühne+Nagel rose 1.4% to its highest level in roughly two years, supported by a strategic partnership with Amazon announced the prior day. Comet, Inficon and VAT advanced up to 2%, while AMS Osram eased after a 23% surge on Monday.
The euro slipped to 0.9397 francs and 1.1457 dollars. Brent crude fell 0.6% to $98.95 a barrel, retreating below the $100 psychological mark, though analysts cautioned that conditions for a sustained downtrend were not yet in place.
