U.S. stock futures were little changed on Tuesday after the S&P 500 and Nasdaq Composite notched a second winning day.

Market Snapshot

At 8:22 a.m. ET, S&P 500 futures were up 0.1%, while Nasdaq 100 futures traded just below the flatline. Futures tied to the Dow Jones Industrial Average advanced 77 points, or 0.2%.

Pre-Market Movers

Micron Technology jumped 4.2% after Nvidia's Huang, during his keynote address at CES, discussed the company's RTX 50 family of gaming chips and mentioned that Micron was providing memory for the graphics processing units. Micron shares closed Monday with a gain of more than 10%.

Uber was up 3% after the ride-hailing company said it was teaming with Nvidia to develop autonomous-driving technology.

Palantir Technologies Inc. was down 1.1% in premarket trading to $76.33 after shares of the software company, which has leaned heavily into artificial intelligence, fell 5% on Monday after analysts at Morgan Stanley assumed coverage with an Underweight rating and set a price target of $60, implying downside of about 21%.

fuboTV Inc. was the big winner on Monday, rising 251%, after the company announced it would be merging its sports streaming service with Walt Disney's Hulu + Live TV service. In premarket trading, fuboTV rose an additional 6%.

Carvana Co. rose 4.1% to $196.50 after analysts at RBC Capital upgraded shares of the online used-car retailer to Outperform from Sector Perform and raised their price target to $280 from $270. A report last week from short-seller Hindenburg Research accused Carvana of accounting manipulation and lax underwriting, describing the company's turnaround as a "mirage."

Getty Images Holdings, Inc soared 46% after agreeing to a merger of equals with Shutterstock in a deal with an enterprise value of about $3.7 billion. Shutterstock rose 37%.

ulta beauty was rising 3% in premarket trading after the cosmetics retailer said CEO Dave Kimbell was retiring and that it now expects fourth-quarter comparable-store sales to increase modestly, compared with prior guidance that called for comparable sales to be down 1% to flat.

Market News

Tesla Slips 2% After Bank of America Pulls Its Bull Rating

Tesla Motors traded lower on Tuesday after Bank of America lowered its rating on the electric vehicle stock to Neutral from Buy due to high valuation and near-term execution risk.

Analyst John Murphy and his team noted that Tesla noted is a trailblazer in the electric vehicle market, and has revitalized the growth narrative with updates on new vehicle launch plans, FSD, Robotaxi, Optimus, and Energy Storage. However, the firm thinks that investor sentiment has shifted more positively on the EV juggernaut and catalysts around future growth drivers have been more fully recognized.

BofA assigned a price objective of $490 to Tesla. "While this still implies upside, execution risk is high and TSLA is trading at a level that captures much of our base case LT potential from core autos, robotaxi, Optimus, and energy generation & storage," warned Murphy.

Nvidia's CES Announcements Will Further Its 'Enormous Technology Lead:' Wedbush

The announcements made by NVIDIA Chief Executive Jensen Huang at the Consumer Electronics Show on Monday are likely to further its "enormous technology lead" over the rest of the semiconductor industry and other tech companies, Wedbush Securities said.

Nvidia shares were up 2% in premarket trading on Tuesday, while competitors AMD (AMD) and Intel (INTC) were fractionally higher.

"The overriding message from Jensen was a slew of new AI technology is coming out of Nvidia around robotics, autonomous technology, PCs that will further stretch their enormous technology lead vs. the rest of the semi and Big Tech landscape," analyst Dan Ives wrote in a note to clients.

"This was a major 'flex the muscles' moment for Nvidia and Jensen in this AI arms race playing out across the tech ecosystem globally."

Aurora Soars 33% After Unveiling a Large-Scale Driverless Truck Partnership with Nvidia

Aurora Innovation soared in premarket trading on Tuesday after announcing a long-term strategic partnership with Continental and NVIDIA to deploy driverless trucks at scale. The collaboration will leverage Nvidia's next-generation DRIVE Thor system-on-a-chip and DriveOS, which will be integrated into the Aurora Driver, an SAE Level 4 autonomous driving system.

The mass production of the driverless trucks is scheduled for 2027, with the initial service launch planned for April 2025 in Texas. The partnership was called the first in the industry aimed at scaling driverless trucks.