Stock futures slipped on Monday as Wall Street struggles to keep the momentum from Friday’s rally.

Market Snapshot

At 8:24 a.m. ET, S&P 500 futures fell 0.4%. Nasdaq-100 futures were down 0.5%, while Dow Jones Industrial Average futures ticked down 169 points, or 0.4%.

Pre-Market Movers

Chinese ADRs and ETFs rebounded in premarket trading. YINN rose 7.4%; Tiger rose 11%; Li Auto rose 4.6%; XPeng rose 2.7%; Alibaba rose 2.3%; Nio rose 1%.

Apple shares declined 1% after Jefferies downgraded the megacap tech company to hold from buy, saying near-term expectations for the iPhone 16 and 17 are too high after weaker-than-expected initial demand. Apple’s AI capabilities leading to an accelerated smartphone replacement cycle is a “premature” catalyst, the firm added.

NXP Semiconductors NV shares added 1.4% after UBS upgraded the chipmaker to buy from neutral. The firm cited healthy inventory levels and “best-in-class margin resilience.”

Amazon.com shares slumped 1.5% after Wells Fargo downgraded the e-commerce company to equal weight from overweight, citing slowing growth and competition from Walmart.

Activist investor Starboard Value took a roughly $1 billion stake, seeking a turnaround at the Pfizer, sources told CNBC. Shares rose nearly 3% on the news.

KB Home stock slipped 2.2% after being downgraded at Wells Fargo to underperform from equal weight. The bank said KB Home could lag peers in the next phase of the cycle.

American Express stock fell more than 1% after JPMorgan downgraded shares to neutral from overweight. JPMorgan believes the stock is trading at an expensive valuation but has limited upside potential.

Wynn gained 2% following its announcement on Friday that it received the first commercial gaming operator license in the United Arab Emirates.

Market News

Apple Slips as Jefferies Downgrades on “Too High” iPhone Expectations

Apple shares slipped 1% in premarket trading on Monday as Jefferies downgraded the tech giant, citing iPhone expectations that are "too high."

"We like Apple Intelligence [long-term], as AAPL is the only hardware-software integrated player that can leverage proprietary data to offer low-cost, personalized AI services," analyst Edison Lee wrote in a note to clients. "But smartphone hardware needs rework before being capable of serious AI, with likely timeline of 2026/27. The high expectations for iPhone 16/17 are premature, in our view."

Lee lowered his rating on Apple to Hold from Buy and has a $205 price target on the stock.

Goldman Sachs Lifts S&P 500 Index Target for Year-End, Next 12 Months

Goldman Sachs (GS) has raised its target for the benchmark S&P 500 index for the year-end and the next 12 months on expectations of higher margin growth for corporate companies and a steady macroeconomic outlook through 2025.

The Wall Street brokerage on Friday lifted the index target for the next twelve months to 6,300 from 6,000 and raised the current year-end target to 6,000 from 5,600.

Gold Steadies as Expectations of Federal Reserve Rate Cut Fade

Gold held steady as traders pared expectations of Federal Reserve interest-rate cuts in the wake of stronger-than-expected US jobs data.

Bullion traded near $2,660 an ounce, continuing to tread water below a recent record high. Key US Treasury yields are back at 4% after Friday’s blowout US jobs numbers undercut chances of a big rate reduction by the Fed in November. Money markets now price less than a quarter-point move next month.