Nasdaq futures are implying a down -46 points start for the US stocks. The S&P is targeting down -23 points and the Dow is looking to be down -20 modest points.
Despite the declines some consistant gainers continue their gains in pre-market trading.
- Moderna (MRNA) — +7.82% Shares spiked after the biotech company announced it had already been developing a hantavirus vaccine ahead of the outbreak aboard the cruise ship Hondius. A timely catalyst in a volatile macro environment.
- Intel (INTC) — +4.8% Intel gained after the Wall Street Journal reported the chipmaker had reached a preliminary agreement with Apple to manufacture some of the chips used in Apple devices. A major credibility boost for Intel's struggling foundry ambitions.
- Micron (MU) — +6.25% (premarket) Micron shares continue to rise, driven by a global memory chip shortage and soaring demand for AI accelerators and inference hardware. Since late March, Micron shares have more than doubled, and analysts foresee a possible supercycle in chipmaking extending beyond next year.
- Nebius (NBIS) — Edging higher Nebius edged higher ahead of its Q1 2026 earnings report, having recently hit an all-time high. The company has partnered with Nvidia in a $2 billion deal to build a full-stack AI cloud and plans to acquire Eigen AI for $643 million, with agreements also in place with Meta and Microsoft.
As the new trading week begins, yields are higher with the 2 year up 1.7 basis points at 3.909% and the 10 year is up 1.4 basis points at 4.380%.
Oil is higher with the price up $1.20 at $96.69.
Trump is scheduled to visit China starting Wednesday for a high-profile summit with Chinese President Xi Jinping in Beijing. The trip is expected to focus heavily on trade, tariffs, supply-chain security, and geopolitical tensions tied to Iran and Taiwan. One of the key areas of discussion will likely center on extending the current US-China trade truce, with negotiations also expected around rare earth exports, semiconductor supply chains, agricultural purchases, and US energy exports to China. Markets will be watching closely for any signs of easing trade tensions or new purchase agreements that could support global growth sentiment.
Geopolitical issues are also expected to play a major role in the discussions. The ongoing Iran conflict and security concerns surrounding the Strait of Hormuz have elevated the importance of China’s relationship with Iran, making energy security and oil market stability key talking points.
Taiwan will remain another sensitive issue, with China expected to press the US on arms sales and sovereignty-related language. Artificial intelligence and broader technology competition between the two countries are also likely to be discussed as both nations continue to compete for leadership in advanced technologies.
The visit marks Trump’s first trip to China since his 2017 state visit and comes after earlier plans were delayed because of tensions tied to the Iran war. Ceremonial events are expected to include formal diplomatic meetings, a state banquet, and cultural visits in Beijing. Financial markets will focus on whether the meetings produce any breakthroughs on tariffs, rare earth supply agreements, or broader geopolitical cooperation, with potential implications for oil prices, Treasury yields, equities, and global risk sentiment.
The prolonged war in Iran gives China some additional leverage which they are not likely to let slide. Often times, the Trump goals of solving problems creates more problems. Will we add Taiwan to the list of problems now?
