Stock futures are little changed Tuesday as Wall Street continued analyzing which sectors to pour money into amid a postelection rally that’s sent equities to record levels.

Market Snapshot

At 8:48 a.m. ET, Futures tied to the Dow Jones Industrial Average gained 47 points, or 0.1%. S&P 500 ticked down about 0.1%, and Nasdaq-100 futures ticked up about 0.1%. Tesla fell 2.5%.

Pre-Market Movers

Shopify — The e-commerce platform operator popped 23% after posting third-quarter operating income of $283 million, up from $122 million in the same quarter a year ago. Shopify’s revenue of $2.16 billion also came above a FactSet estimate of $2.12 billion.

Home Depot — Shares of the home improvement retailer rose 1.6% after the company topped earnings expectations and lifted its full-year outlook. Sales rose more than 6% on a year-over-year basis.

Live Nation Entertainment — Shares jumped 6% after the live music and entertainment company posted an earnings beat for the third quarter. Live Nation reported $1.66 earnings per share, topping an LSEG estimate of $1.59 per share. Revenue of $7.65 billion missed consensus estimates calling for $7.75 billion in revenue.

Twilio — Shares moved 1.7% higher following an upgrade at Wells Fargo to overweight from equal weight. The bank said it believes “Twilio can serve as a pick-and-shovel play for the next wave of AI-native front office and communications-powered genAI applications.”

Crypto stocks — Some popular cryptocurrency stocks took a breather Tuesday as bitcoin eased from its fresh highs. Coinbase Global, Inc. slipped 4%, while Riot Platforms declined about 6%. MicroStrategy gained about 2.4%.

Trump Media & Technology — Shares of Trump’s media company pulled back 5% after rallying nearly 5% during Monday’s trading session. Shares rose more than 4% last week on the heels of the president-elect’s victory.

Okta Inc. — The security software stock dipped 2% after a downgrade to hold from buy at Deutsche Bank. The investment firm said that recent customer feedback on Okta has been mixed and that the company seems to growing slower than Wall Street expects.

SentinelOne, Inc — Shares rose 2.4% after Deutsche Bank upgraded shares to buy from hold, saying the July outage related to CrowdStrike can help add to SentinelOne’s momentum. The Wall Street firm hiked its price target on the cybersecurity company to $32 from $25, a move that reflects roughly 18% upside from Monday’s close.

Market News

Sea Tops Profit Estimates After Fending Off TikTok, Lazada

Sea Ltd’s e-commerce arm turned its first quarterly profit on an adjusted basis, a sign it’s holding its own against bigger Chinese rivals in Southeast Asian markets like Indonesia.

Shares of Sea rose about 13% in pre-market US trading after net income for the company as a whole topped estimates at $153.3 million. Analysts expected $128.6 million on average. Sales rose 31% to $4.3 billion in the three months through September, exceeding the average estimate of $4.1 billion.

Novavax Cuts 2024 Revenue Forecast Again on Lower COVID Vaccine Sales

Novavax cut its annual revenue forecast on Tuesday, citing lower-than-expected sales of its COVID-19 vaccine, ahead of handing over the rights to sell the shot to French drugmaker Sanofi.

Shares of the U.S. biotech firm dropped about 15% in premarket trading.

The U.S. vaccine maker now expects between $175 million and $225 million for full-year sales of its COVID vaccine, its only product on the market, down from the $275 million to $375 million it previously forecast.

Honeywell Jumps on Report Activist Elliott Has Taken $5B Stake, Pushing for Breakup

Honeywell soared 7% in premarket trading on a report that activist investor Elliott Investment Management has accumulated a $5 billion stake and wants the industrial conglomerate to evaluate breaking up the company.

The investment is the largest ever in a single stock by prominent activist Elliott, according to a Bloomberg report on Tuesday, which cited people familiar with the matter. Elliott is now among the company's top five investors.