Stock futures pointed lower Tuesday after a Wall Street rally fizzled Monday following hawkish comments on interest rates from Federal Reserve officials.
These stocks were poised to make moves Tuesday:
Broadcom
(AVGO) fell 1% in premarket trading Tuesday after Bloomberg reported that
Apple
(AAPL) was working on its own Wi-Fi and Bluetooth chips. Chip maker
Broadcom
makes a combined component that handles both Wi-Fi and Bluetooth functions on
Apple
devices.
Bloomberg also said Apple aims to have developed its first cellular modem chip by the end of 2024 or early 2025, letting it swap out electronics from
Qualcomm
(QCOM). Shares of
Qualcomm
fell 0.5% in premarket trading.
Bed Bath & Beyond
(ticker: BBBY) is expected to report fiscal third-quarter earnings on Tuesday. The struggling retailer last week warned it was considering filing for bankruptcy. The stock was rising 9.3% in premarket trading Tuesday to $1.77 after soaring nearly 24% on Monday.
Tesla
(TSLA) rose 5.9% on Monday and
Lucid Group
(LCID) jumped 6.6%, leading a rally in tech shares. Chip maker
Nvidia
(NVDA) also took part in the action Monday, closing with a gain of 5.2%. In premarket trading Tuesday,
Tesla
gained 0.8%, Lucid was up 0.6%, and
Nvidia
fell 0.3%.
Albertsons
(ACI) is scheduled to post fiscal third-quarter earnings before stock markets open Tuesday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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