Stock Market Futures Dip as Trade Tensions Resurface – Tesla Nvidia and Credo in Focus

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Find out what happening right now and get all the pieces of the puzzle on important data activity before the major news sources break the story and see what are the trends
 

•  03 Jun 2025
 

U.S. stock futures are slipping up to 0.4% in early trading, dragged down by renewed concerns over tariffs and their potential impact on economic growth. Futures tied to the S&P 500 are leading the drop, while investors brace for a week packed with critical macroeconomic data.

Despite the broader market weakness, Tesla stock is ticking up 0.4% in pre-market trading to $344, ahead of the highly anticipated robotaxi launch on June 12 in Austin, Texas. The event could mark a pivotal moment for Tesla, echoing the excitement surrounding the Model 3 and Model Y rollouts. Yet, uncertainty in U.S. autonomous vehicle regulation continues to temper investor enthusiasm.

Nvidia shares are trading slightly higher, up 0.2% to $137 after a bullish call from Jefferies. Analysts expect the company’s new Blackwell AI chips to boost gross margins to 70%-80% later this year, compared to 61% last quarter. But broader U.S. China trade tensions are weighing on the semiconductor sector, with AMD, Intel, Qualcomm, and TSMC also feeling the pressure. Shares of TSMC are down 0.2%, despite reassurances from management that new U.S. tariffs won’t directly affect their operations.

One of today’s most eye-catching movers is Credo Technology, soaring 13% after posting a staggering 180% year-over-year revenue growth. The connectivity solutions provider also raised its Q2 revenue forecast to $185-$195 million well above Wall Street expectations. The bullish guidance is fueled by increasing demand for high-speed, low-power connectivity in AI data center infrastructure, a sector where Credo has clear expertise.

Another big winner is MoonLake Immunotherapeutics, jumping 22% pre-market following reports of a $3 billion takeover offer from Merck. Although the initial offer was previously rejected, renewed merger speculation is swirling amid MoonLake clinical development progress.

While Nvidia, Tesla, and Credo Technology are grabbing headlines, investors remain cautious. The market is still digesting tariff threats and awaits key U.S. labor data, including the JOLTS report, ADP employment numbers, and the monthly jobs report due Friday. These indicators will shed light on the health of the labor market and shape expectations for future Fed policy.