Dow Futures Drop 200 Points Ahead of Jobs Data

Dow futures fell about 199 points, or 0.39%, in premarket trading Tuesday as investors took a breather after an eight-session rally that left the S&P 500 and Nasdaq at record closes. S&P 500 futures were down roughly 0.17% and Nasdaq 100 futures slipped about 0.1%, reflecting profit-taking and a wait for fresh economic signals.

Hewlett Packard Enterprise shares jumped nearly 29% after the company said it pulled forward long-term financial targets by two years, citing stronger-than-expected demand for AI servers. The HPE gain pushed related hardware names higher in the premarket: Dell Technologies rose about 3.3% and Super Micro Computer climbed around 5%.

Marvell Technology shares climbed more than 21% after Nvidia CEO Jensen Huang described Marvell as the next “trillion dollar company” during remarks at the Computex conference in Taipei. Investors also reacted to moves from large cloud and tech firms tied to AI infrastructure.

Alphabet shares slipped nearly 2% after the company said it plans to raise about $80 billion through equity offerings, including an investment from Berkshire Hathaway, to help fund expanded AI infrastructure. The company said the capital would support building data centers, securing chips and increasing computing capacity for advanced AI services.

Markets are focused on U.S. job openings data due at 10:00 a.m. ET. Traders will watch that report for signs of cooling or continued strength in the labor market ahead of Friday’s broader employment report. Cleveland Federal Reserve President Beth Hammack is scheduled to speak later Tuesday and her comments will be monitored for clues on the interest-rate outlook. Money-market pricing has reduced the odds of rate cuts in 2026 and shown rising odds of a further rate increase if inflation pressures persist.

Geopolitical developments in the Middle East and other external risks are also being monitored as potential near-term catalysts that could affect sentiment before the open. Equities have been supported this month by investor demand for AI applications and the infrastructure that supports them, and hardware and semiconductor suppliers have reported stronger demand projections as companies expand data-center capacity and deploy specialized chips.