U.S. stock futures declined on Tuesday as renewed tensions between the United States and Iran pushed oil prices higher, reigniting inflation concerns and tempering expectations for Federal Reserve interest rate cuts. As of 06:27 ET, S&P 500 futures were down 39 points, or 0.5%, while Nasdaq 100 futures fell 379 points, or 1.3%. Dow Jones futures were little changed.
Language-learning platform Duolingo advanced 3.5% premarket after DA Davidson upgraded its rating to Buy from Neutral and raised its price target to $160. Citi also lifted its target to $140 from $101. The company cited Duolingo’s improved core product, marketing strategy, and monetization engine as underappreciated drivers. Separately, Duolingo announced the acquisition of London-based animation studio Animade.
Biotech firm Amylyx Pharmaceuticals surged 24.9% ahead of topline results from its Phase 3 LUCIDITY trial of avexitide, a treatment for post-bariatric hypoglycemia. Data release was scheduled for Tuesday morning, followed by an 8 a.m. ET conference call. Vogenx, which is developing a similar treatment, also jumped 31.1%, with investors viewing Amylyx’s trial as a potential read-through for its own program.
Diagnostic company Profusa soared 95.6% after implementing a 1-for-4 reverse stock split, reducing shares outstanding from roughly 2.42 million to about 606,000. The company also signed an option agreement to acquire G3 Vision Labs and holds a pending letter of intent for the PanOmics multi-omics diagnostics platform.
Duos Technologies rose 5.9% after reporting second-quarter earnings of $1.61 per share, far exceeding expectations for a loss of $0.02 per share. Revenue increased 30% year-over-year to $6.18 million, driven by a $53.2 million gain from the sale of its New APR Energy investments. The company also reported its first positive operating quarter since shifting toward data-center infrastructure.
Chinese tech giant Baidu fell 4.1% after reporting second-quarter results that missed analyst expectations. Earnings came in at RMB7.22 per share, below the RMB9.84 consensus, while revenue totaled RMB31.33 billion, short of the RMB31.95 billion forecast and down 4% from a year earlier.
Healthcare services provider DocGo dropped 12.7% despite underlying revenue growth. Adjusted loss widened to $0.16 per share from the expected $0.10 loss, while revenue declined 8.7% year-over-year to $73.4 million, missing estimates of $75.4 million. Excluding migrant-related contracts, revenue rose 19%, and medical transportation revenue reached a record $52 million.
Fabrinet fell 8.6% despite beating fiscal fourth-quarter estimates. Revenue reached $1.316 billion, exceeding expectations of about $1.27 billion, while non-GAAP earnings came in at $4.10 per share, topping the $3.81 consensus. Investors appeared to focus on underlying concerns beneath the headline beat.
