Key Highlights
- U.S. equity futures declined Tuesday morning as climbing bond yields dampened investor sentiment entering September
- Novartis shares surged approximately 4% following positive Phase III results for its multiple sclerosis treatment remibrutinib
- Semiconductor and AI-related stocks like Sandisk, Marvell, and Intel experienced premarket losses
- Robinhood advanced 2.3% following a Morgan Stanley upgrade to Overweight with a $150 target price
- NIO shares declined 4% before Q2 results despite recording a 14.5% annual increase in August vehicle deliveries
U.S. markets began September trading on a cautious note Tuesday. Equity futures drifted lower as climbing Treasury yields prompted investors to reduce exposure to riskier assets.
The S&P 500’s historical weakness during September appeared to reassert itself as trading commenced for the month.
Novartis Surges on Multiple Sclerosis Drug Trial Success
Novartis emerged as Tuesday’s top performer, with shares jumping approximately 4% to 4.5%. The pharmaceutical giant from Switzerland reported that remibrutinib, its oral BTK inhibitor candidate, successfully achieved primary endpoints across two Phase III studies evaluating relapsing multiple sclerosis treatment.
The REMODEL-1 and REMODEL-2 studies demonstrated that remibrutinib lowered annualized relapse rates versus teriflunomide. Additional benefits included superior MRI brain lesion reduction and delayed progression of disability.
The company intends to share complete findings at the MSToronto2026 conference and initiate worldwide regulatory submissions. The stock rally occurred despite Novartis temporarily halting eight clinical studies for its investigational CAR-T therapy Rap-cel following three patient fatalities from serious immune complications in late August.
Robinhood also posted gains Tuesday. The trading platform’s shares increased 2.3% to $107.22 after Morgan Stanley elevated its rating to Overweight while lifting the price target from $124 to $150. Analysts highlighted enhanced product features and stronger monetization of the current user base.
Semiconductor and AI Shares Retreat on Yield Concerns
Stocks tied to artificial intelligence and semiconductor manufacturing experienced downward pressure during premarket hours. Sandisk tumbled 3.2%, while Marvell, Intel, and Corning posted comparable declines.
The retreat from high-growth technology stocks intensified as Treasury yields advanced, diminishing enthusiasm for riskier equity positions.
NIO shares dropped roughly 4% before the company’s scheduled Q2 financial results. The decline occurred despite the Chinese electric vehicle manufacturer posting a 14.5% annual gain in August deliveries, reaching 35,836 vehicles total.
The monthly delivery breakdown showed 21,174 vehicles from the primary NIO brand, 8,810 from its ONVO sub-brand, and 5,852 from FIREFLY. A modest month-over-month decrease from July’s 35,934 deliveries seemed to contribute to investor concerns.
Metallus shares also retreated approximately 3% following the company’s announcement that CEO Michael S. Williams will step down December 31, 2026. President and COO Kris R. Westbrooks is designated to assume the CEO role effective January 1, 2027. Williams will continue supporting the transition as a special advisor until June 2027.
Multiple companies are scheduled to release quarterly results following Tuesday’s market close. Palo Alto Networks, Dell, Credo, and MongoDB are among the firms reporting earnings.
Investors will scrutinize these financial reports for guidance as September trading continues to unfold.
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