S&P 500 and Nasdaq futures steadied on Tuesday after steep losses in the previous session driven by the popularity of a low-cost Chinese artificial intelligence model that rattled stocks of U.S. companies invested in the technology.

Market Snapshot

At 7:56 a.m. ET, Dow E-minis were up 4 points, or 0.01%, S&P 500 E-minis were up 12.5 points, or 0.21%, and Nasdaq 100 E-minis were up 53.25 points, or 0.25%.

Pre-Market Movers

Nvidia - Nvidia rose 2.6% in premarket trading after shares of the leading maker of artificial-intelligence chips sank 17% on Monday on the DeepSeek news. Nvidia shed $592.7 billion in market capitalization on Monday, the largest-one day market cap decline for any public company on record. The drop in its value pushed down Nvidia’s ranking of the largest U.S. companies by market cap to third from first, behind Apple and Microsoft.

Broadcom, Marvell Technology - Concerns over DeepSeek sent a broad swath of AI-related stocks lower. Broadcom, the semiconductor and software company, sank 17% on Monday, the stock’s largest percentage daily drop since March 16, 2020, when it fell nearly 20%. Marvell Technology, meanwhile, tumbled 19%. Broadcom and Marvell both gained 2.8% in premarket trading.

Boeing - Boeing on Tuesday reported an annual loss of $11.83 billion, its largest since 2020, as it grappled with problems at its commercial and defense units and the fallout from a crippling strike by U.S. West Coast factory workers. The stock experienced a slight decline in premarket trading.

SoundHound AI - SoundHound filed $500M mixed securities shelf. The shares sank 5% in premarket trading on Tuesdy after plunging on Monday.

Vistra Energy - AI energy and infrastructure stocks also tanked Monday following the DeepSeek developments. Utility company Vistra, the second-largest owner of independent nuclear plants, fell the most, dropping 28% and ending the session as the worst stock in the S&P 500. DeepSeek said it can operate with much less computing power than the giant data centers that big American tech companies have been building. Vistra rose 3.4% in premarket trading.

SAP - U.S.-listed shares of SAP were falling 0.8%. The German software company raised its operating profit and revenue guidance for 2025 after posting better-than-expected fourth-quarter operating profit and revenue. Gross profit at the company’s cloud business rose 29%.

General Motors - General Motors on Tuesday posted fourth-quarter 2024 results and a 2025 earnings forecast ahead of Wall Street expectations as the U.S. automaker continued to see strong consumer demand for its pricey gasoline-powered trucks and SUVs. The shares dropped 0.6% in premarket trading.

Lockheed Martin - Lockheed Martin forecast 2025 profit that missed Wall Street expectations on Tuesday, as the defense giant grapples with delayed rollouts of a tech upgrade on the F-35, underscoring a cautious tone for the year amid rising global tensions. The shares dropped 3.4% in premarket trading.

JetBlue Airways - JetBlue Airways lost less money than Wall Street was expecting in the fourth quarter, but that wasn’t enough to stop the company’s shares sliding 8.3% ahead of the opening bell. The market may be concerned by JetBlue’s forward guidance.

Royal Caribbean Cruises - Royal Caribbean forecast its annual profit largely above Wall Street expectations on Tuesday, betting on higher cruise bookings to private destinations as well as premium voyages to the Mediterranean and the Alaskan region. Shares of the cruise operator were up 5.7% in premarket trading.

RTX Corp - Aerospace and defense major RTX posted a rise in quarterly profit on Tuesday, as demand for its aircraft parts and repair services benefited from airlines flying older, maintenance-intensive planes to cope with a jet shortage. The shares rose 2.9% in premarket trading.

MicroCloud Hologram, Aurora Mobile - MicroCloud Hologram jumped 19% in premarket trading Tuesdy, while Aurora Mobile dropped 6% after both surged on DeepSeek Model on Monday. Aurora Mobile Ltd ADRs soared a record 142% Monday. Shares of MicroCloud Hologram Inc. rose 8% after the company similarly said that it would use the Chinese company’s technology as the basis for its holographic AI application.

Market News

Trump Says Microsoft Is in Talks to Acquire TikTok

U.S. President Donald Trump told reporters on Monday that Microsoft is in talks to acquire TikTok and that he would like to see a bidding war over the app.

TikTok, which has about 170 million American users, was briefly taken offline just before a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan. 19.

Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.

The reported talks mark the second time that Microsoft has been in the frame to acquire TikTok.

Trump Vows Tariffs "Much Bigger" Than 2.5% and on Key Areas

President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%, the latest in a string of signals Monday that he’s preparing widespread levies to reshape US supply chains.

“I have it in my mind what it’s going to be but I won’t be setting it yet, but it’ll be enough to protect our country,” Trump told reporters Monday night.

Asked about a report that incoming Treasury Secretary Scott Bessent favored starting with a global rate of 2.5%, Trump said he didn’t think Bessent supported that and wouldn’t favor it himself. He said he wanted a rate “much bigger” than 2.5%.

Nvidia's $589 Billion DeepSeek Rout Is Largest in Market History

Nvidia Corp.’s plunge, fueled by investor concern about Chinese artificial-intelligence startup DeepSeek, erased a record amount of stock-market value from the world’s largest company.

Nvidia shares tumbled 17% Monday, the biggest drop since March 2020, erasing $589 billion from the company’s market capitalization. That eclipsed the previous record — a 9% drop in September that wiped out about $279 billion in value — and was the biggest in US stock-market history.

The drop rippled through the rest of the market due to how much weight Nvidia has in major indexes. Including Monday’s slump, Nvidia selloffs have caused eight of the top ten biggest one-day drops in the S&P 500 Index, based on market value, according to data compiled by Bloomberg. The S&P 500 fell 1.5% Monday and the Nasdaq 100 tumbled nearly 3%.