U.S. stock index futures fell on Monday as yields surged after robust payroll numbers released the previous week spurred bets that the Federal Reserve will maintain a hawkish stance for most of 2025.

Market Snapshot

At 7:54 a.m. ET, Dow E-minis were down 51 points, or 0.12%, S&P 500 E-minis were down 35.25 points, or 0.6%, and Nasdaq 100 E-minis were down 185.25 points, or 0.88%.

Pre-Market Movers

Chip Stocks - The White House unveiled sweeping new limits on the sale of advanced AI chips by Nvidia and its peers, leaving the Trump administration to decide how and whether to implement curbs that have encountered fierce industry opposition. Chip stocks sank in premarket trading. TSMC, Super Micro Computer, and STMicroelectronics fell 4%; ARM Holdings, Micron Technology, and Nvidia fell 3%; Broadcom, Marvell Technology, and ASML fell 2%; AMD, Qualcomm, and Intel fell 1%.

Tesla - Tesla declined 2.7% after Axios reported over the weekend that the electric-vehicle company’sregulatory credit saleswere at risk from President-elect Donald Trump’s policies.

Crypto Stocks - Bitcoin slumped to an almost two-month low as investors dumped riskier assets after a sharp rise in bond yields. Crypto stocks sank in premarket trading. Canaan fell 9%; Bit Digital fell 7%; Riot Platforms, MicroStrategy, MARA Holdings, CleanSpark, and Coinbase fell 5%.

Quantum Computing Stocks - Meta Platforms CEO Mark Zuckerberg agreed with Nvidia CEO Jensen Huang‘s cautious outlook on quantum computing, saying that the technology remains years away from practical implementation. Quantum computing stocks tumbled in premarket trading. SEALSQ Corp fell 19%; D-Wave Quantum and Rigetti Computing fell 14%; IONQ Inc. fell 11%; Arqit Quantum fell 8%; Quantum Computing and Quantum Corp fell 7%.

Moderna - Moderna cut its 2025 sales forecast by $1 billion on Monday, hurt by a slow launch of its respiratory syncytial virus (RSV) shot and weak demand for COVID-19 vaccines. Shares of the company fell 17% before the bell.

Intra-Cellular Therapies - Intra-Cellular Therapies rose 35% after Johnson & Johnson confirmed itreached a deal to acquire the biopharmaceutical company. J&J will pay $132 a share in cash for Intra-Cellular, or $14.6 billion.

Sage Therapeutics - Sage Therapeutics jumped 37% after confirming Biogen submitted an unsolicited, nonbinding proposalto acquire all of the outstanding Sage sharesit doesn’t already own for $7.22 a share.

Lululemon Athletica - Lululemon Athletica rose 1.9% after the athletic lifestyle brand raised its earnings and revenue guidance for the fourth quarter following a strong holiday season.

WD-40 - WD-40 reported fiscal first-quarter earnings and sales that rose from a year earlier, lifted by sales growth in the Americas region of 8% and an 18% jump across Europe, India, the Middle East, and Africa. Shares of the maintenance and cleaning products company rose 3.8% in premarket trading.

Market News

White House Unveils New Curbs on Exporting Nvidia AI Chips

The White House unveiled sweeping new limits on the sale of advanced AI chips by Nvidia Corp. and its peers, leaving the Trump administration to decide how and whether to implement curbs that have encountered fierce industry opposition.

The rules, which are set to take effect in one year, establish caps on the amount of computing power that can be sold to most countries. Businesses in those places can bypass national limits by agreeing to a set of security and human rights standards, US officials said Sunday.

Companies will have a 120-day comment period — which is exceptionally long — to give the Trump administration time to get settled in and make changes to the rule after consulting with industry and other countries, Commerce Secretary Gina Raimondo told reporters ahead of the release.

Apple's 2025 Plan: iPhone Overhaul, Smart Home Push and AI Catch-Up

Apple is planning a revamped iPhone this year, new AI features, a push of smart home offerings, and updates of products it hasn't upgraded for some time, Bloomberg reported Sunday.

Some of the products it hasn't touched for years will get updates, including the iPhone SE, Apple TV, Mac Pro and HomePod, and it will enter a new segment, according to the report.

Bloomberg said new versions of the 13-inch and 15-inch MacBook Air are already in production overseas and will include the M4 chip that is already included in the MacBook Pro and iMac.

Europe's Largest Pension Fund Sells Tesla Stake over Musk's Pay Package

Dutch civil service pension fund ABP sold its entire stake in Tesla over dissatisfaction with chief executive Elon Musk’s pay package, Dutch newspaper Het Financieele Dagblad reported Friday.

According to the report, Europe's largest pension fund divested its 2.8 million shares in the American electric vehicle maker because it was unhappy with Musk's $56 billion remuneration package and poor working conditions at the company.

ABP emphasized that the decision was not politically motivated, the report added. Musk is set to head the planned Department of Government Efficiency under the incoming administration of U.S. President-elect Donald Trump.