Futures for the S&P 500 and the Nasdaq edged lower on Tuesday after a holiday-extended weekend, as investors awaited key inflation data later in the week that could test expectations for the Federal Reserve's monetary policy path.

Market Snapshot

At 7:51 a.m. ET, Dow E-minis were up 157 points, or 0.39%, S&P 500 E-minis were down 1 points, or 0.02%, while Nasdaq 100 E-minis were down 23 points, or 0.12%.

Pre-Market Movers

Wolfspeed - Wolfspeed shares jumped another 12% in premarket trading on Tuesday after surging 26% on Monday, just days before the semiconductor manufacturer is set to report its fiscal third-quarter earnings. Efforts by short sellers—traders who bet that a stock’s price will fall—to close out their positions may be behind the surge. Short sellers borrow stock and sell it, hoping to buy shares at a lower price and return them to the lender, pocketing the difference as a profit.

Plug Power - Plug Power shares jumped another 5% in premarket trading on Tuesday after soaring 26% on Monday. Plug Power Inc announced Monday it has signed a deal for a secured debt facility and has achieved key operational and financial milestones that support its path toward profitability andlong-term growth.

SoFi Technologies - SoFi Technologies raised its full-year guidance on Tuesday, with CEO Anthony Noto citing the fintech's "durable growth" in the March quarter. Quarterly earnings of six cents a share came in above the three cents a share analysts expected, according to FactSet. Adjusted net revenue grew 33% to $772 million, marking SoFi's highest growth rate in five quarters and topping Wall Street's call for $739 million. The shares jumped 5.8% in premarket trading.

PayPal - PayPal beat Wall Street estimates for first-quarter earnings and stuck to its annual profit forecast on Tuesday, even at a time when U.S. President Donald Trump's tariffs have fueled economic uncertainty. The shares fell 3.3% in premarket trading.

Spotify - Spotify forecast second-quarter profit below market estimates on Tuesday due to employee salary-related taxes, taking the shine off its strong subscriber growth and sending shares of the Swedish music-streaming giant down 5.5% before the bell.

Coca-Cola - Coca-Cola reported a smaller-than-expected drop in first-quarter revenue on Tuesday, benefiting from price hikes and strong demand for its sodas, juices and milk offering Fairlife. Shares of the Sprite and Fanta maker rose 1.1% in premarket trading.

General Motors - General Motors has pulled its annual forecast, reflecting the uncertain effects of U.S. President Donald Trump's global trade war, even as it reported strong quarterly results. The Detroit automaker's shares fell about 2% in premarket trading.

Pfizer - U.S. drugmaker Pfizer reported first-quarter profit above Wall Street estimates on Tuesday, helped by cots cuts and better-than-expected sales of its heart disease drug, Vyndaqel. The shares rose 0.8% in premarket trading.

NXP Semiconductors - NXP Semiconductors announced a new chief executive officer as part of its quarterly earnings report and warned that the chipmaker was navigating “a very uncertain environment” due to tariffs. The shares sank 8% in premarket trading on Tuesday.

Royal Caribbean - Royal Caribbean raised its annual profit forecast on Tuesday, benefiting from strong bookings for its high-end private island destinations and premium sailings to regions such as Alaska and Japan. Shares of the company were up 4.2% in premarket trading.

JetBlue - JetBlue Airways withdrew its full-year guidance and expects soft demand to continue into the second quarter. The shares were flat in premarket trading.

UPS - UPS's first-quarter profit beat market estimates and the parcel delivery giant said it will cut 20,000 jobs to lower costs in an uncertain economy and in anticipation of weak volumes from its largest customer, Amazon. Shares of the company rose 1.5% before the bell on Tuesday after it said it expects to save $3.5 billion in 2025 from jobs cuts and by shutting 73 leased and owned buildings by the end of June.

Deutsche Bank - Deutsche Bank posted a 39% rise in first-quarter profit after its global investment banking division generated a big increase in revenue in bond and currency trading during volatile markets. The profit increase comes despite a writedown for a leveraged-finance deal and the bank's additional provisions for the possible impact of tariffs on clients. The US-listed shares rose 3.2% in premarket trading on Tuesday.

BP - BP missed forecasts on Tuesday with an underlying replacement cost profit of $1.38 billion for the first quarter, below the $1.53 billion expected by analysts in a company-provided poll. BP is buying back $750 million in shares before publishing second-quarter results, at the low end of its guided range. The US-listed shares fell 4% in premarket trading on Tuesday.

Odyssey Marine Exploration - Shares of Odyssey Marine Exploration, a global leader in ocean exploration and sustainable mineral resource development, jumped another 17% in premarket trading on Tuesday after Monday’s rally paused. The shares sank 12.6% on Monday after soaring 171% last week.

Market News

Trump to Soften Blow of Automotive Tariffs

President Trump is expected to soften the impact of his automotive tariffs, preventing duties on foreign-made cars from stacking on top of other tariffs he has imposed and easing some levies on foreign parts used to manufacture cars in the U.S., according to people familiar with the matter.

The decision will mean that automakers paying Trump’s automotive tariffs won’t also be charged for other duties, such as those on steel and aluminum, according to people familiar with the policy. The move would be retroactive, the people said, meaning that automakers could be reimbursed for such tariffs already paid. The 25% tariff on finished foreign-made cars went into effect early this month.

The administration will also modify its tariffs on foreign auto parts—slated to be 25% and effective May 3—allowing automakers to be reimbursed for those tariffs up to an amount equal to 3.75% of the value of a U.S.-made car for one year. The reimbursement would fall to 2.5% of the car’s value in a second year, and then be phased out altogether.

Trump is expected to take the actions ahead of a trip to Michigan for a rally outside Detroit on Tuesday evening, marking 100 days since he took office.

Carney's Liberals Win Narrow Victory in Canada's Election

Canada’s Liberal Party is projected to win a fourth consecutive election, giving a mandate to former central banker Mark Carney after a campaign in which he pledged to boost economic growth and stand up to US President Donald Trump in a trade war.

The margin of victory appears to be narrow. Liberal candidates were leading or elected in 167 seats, ahead of the Conservative Party’s 145 seats, as of 3:15 a.m. Ottawa time on Tuesday morning.

Carney’s party had about 43% of the national vote, but may fall short of the 172 seats needed for a majority in the House of Commons, meaning the government would be forced to work with other parties to pass budgets and other legislation. Under the tightest scenarios, the Bloc Quebecois, which runs candidates only in French-speaking Quebec, might hold the balance of power.

HKEX, SFC Reportedly Reach Out to Some Firms on Return of Chinese ADRs

Under the direction of the Hong Kong government, HKEX and the Securities and Futures Commission (SFC) have made preparations for the return of Chinese ADRs and their listings in Hong Kong, Securities Times reported, citing sources.

It is understood that HKEX and SFC have already reached out to some companies and will provide appropriate guidance and support for their Hong Kong listings, and that those supporting measures will be adjusted according to specific circumstances to ensure they meet practical needs.