Stock Futures Tick Lower After Indexes Soar; Slew of Economic Data Due; Nvidia Shares Drop on Report Meta May Use Google AI Chips

Stock futures pointed slightly lower Tuesday, a day after major indexes surged to begin the holiday-shortened week, as Nvidia and other semiconductor shares fell on a report Meta Platforms may use Google’s AI chips in their data centers.

Futures associated with the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average were down a respective 0.4%, 0.2%, and 0.2%. Yesterday, they finished up 2.7%, 1.6%, and 0.4%, respectively, with the Nasdaq recording its best day since May.

Multiple pieces of shutdown-delayed economic data are due Tuesday, including retail-sales results and the wholesale-focused Producer Price Index for September, as well as the November reading on U.S. consumer confidence. Ahead of the data, the CME FedWatch tool now was predicting a roughly 81% likelihood that the Federal Reserve would cut interest rates by a quarter-percentage point at its meeting next month.

Shares of Nvidia (NVDA), which rose 2% yesterday, were down nearly 4% in premarket trading following a report in The Information that Meta Platforms (META) was considering using AI chips from Alphabet’s (GOOGL) Google in its data centers. Alphabet stock, which continued its recent ascent after the company unveiled its advanced Gemini 3 AI model last week with a 6.3% advance yesterday, was up a further 4% before the bell.

Shares of fellow chipmakers Advanced Micro Devices (AMD) and Micron Technology (MU) pointed 3.5% and 2% lower, respectively, although those of Broadcom (AVGO) were up 2% following an S&P 500- and Nasdaq-leading 11% gain yesterday.

Alibaba Group Holding (BABA) shares popped 4.5% after the Chinese tech giant reported better-than-expected cloud revenue on strong AI services demand.

Bitcoin recently was trading around $87,500, down from its overnight high of about $89,150. The yield on the 10-year Treasury note was little changed from Monday’s close at 4.03%. The U.S. dollar index, which tracks the performance of the dollar against a basket of foreign currencies, was near flat at 100.14.

WTI crude futures, the U.S. oil benchmark, slipped 0.6% to $58.50 per barrel. Gold futures were 0.8% higher at $4,130 per ounce.

Stock and bond markets will be closed Thursday for the Thanksgiving holiday, and will be closing early on Friday.