Most Important News

1. Trump's State of the Union: Markets Eye Trade, Costs, and Geopolitics;
2. AMD Surges on $60 Billion AI Chip Deal with Meta；
3. ASML Rises 1% on EUV Breakthrough Boosting Chip Output by 50%；

S&P 500 futures were relatively unchanged on Tuesday after a rough start to the final week of February’s trading.

As of 08:05 EST (or 4:05 PM in Riyadh), Futures tied to the broad market index hovered around the flatline, while Nasdaq 100 futures
gained 0.27%. Dow Jones Industrial Average futures added 76 points, or 0.16%.

Shares of Advanced Micro Devices, Inc.(AMD.US)  jumped 11% in early trading after Meta Platforms(META.US)  announced a multiyear deal with the semiconductor company. The new partnership entails deploying up to 6 gigawatts of AMD’s graphics processing units for artificial intelligence data centers. Meta will also invest in AMD through a performance-based warrant for up to 160 million shares of AMD.

As of 04:07 PM Riyadh Time, top pre-market movements are as follows:

Trump's State of the Union: Markets Eye Trade, Costs, and Geopolitics

President Trump will deliver his State of the Union address on Wednesday at 10 a.m. Riyadh time, with investors closely watching for signals on tariffs, cost of living, and foreign policy. The speech comes amid Supreme Court setbacks to his tariff agenda and mounting political pressure ahead of the midterm elections. Geopolitical risks are also in focus, as the U.S. maintains a military buildup near Iran and weighs potential action.

Goldman Sachs: Asset-Heavy Stocks Outperform on AI Disruption Fears

Goldman Sachs strategists report that companies with significant physical production assets are outperforming the market as investors seek shelter from potential AI-driven industry disruption. The firm notes that its basket of asset-heavy, capital-intensive stocks—whose economic value derives from tangible assets—has outperformed asset-light portfolios reliant on human or digital capital by approximately 35% since early 2025.

Treasury Yields Edge Higher as Markets Weigh Trump Tariffs

U.S. Treasury yields ticked up Tuesday as investors assessed the latest developments on Trump-era tariffs following a Supreme Court ruling and positioned ahead of the president's State of the Union address. Trump is set to deliver his second speech to Congress since returning to the White House 13 months ago.

Oil Edges Up on US-Iran Tensions Ahead of Nuclear Talks

Oil prices rose slightly in early trading, with Brent crude and WTI both gaining 0.2%, as markets monitored geopolitical risks ahead of Thursday's negotiations over Iran's nuclear program. The U.S. has reportedly assembled significant military assets near Iran, keeping attention focused on the Strait of Hormuz. Saxo Bank noted crude is trading nervously near multi-month highs, though Iranian oil exports remain strong and regional supply has not yet been disrupted.

AMD Surges on $60 Billion AI Chip Deal with Meta, Allowing Equity Stake

Advanced Micro Devices, Inc.(AMD.US) 's stock jumped over 10% in pre-market trading after announcing a second major supply agreement with Meta Platforms(META.US) . The five-year deal, valued at up to $60 billion, will see AMD provide AI chips to the Facebook parent company. Notably, the agreement allows Meta to acquire up to a 10% equity stake in the chipmaker.

Home Depot Q4 Tops Estimates Despite Sales Slump

Home Depot, Inc.(HD.US)  reported Q4 earnings that exceeded Wall Street expectations, with adjusted EPS of $2.58 and revenue of $25.7 billion. However, the results reflected a sluggish quarter impacted by a shorter fiscal period and cautious consumer spending amid a weak U.S. housing market. Profit declined from $3.02 per share a year earlier.

Novo Nordisk, United Biotech Obesity Drug Shows Weight Loss in Mid-Stage Trial

Novo Nordisk A/S Sponsored ADR Class B(NVO.US)  and United Biotechnology announced that their experimental obesity drug demonstrated weight reduction in a Chinese mid-stage trial. The results come amid intensifying competition in the weight-loss market, following news that Novo Nordisk's candidate CagriSema failed to outperform Eli Lilly's Zepbound in a separate late-stage study.

IBM Plunges 13% in Worst Drop Since 2000 on AI Threat to Core Cobol Business

IBM Corp(IBM.US)  shares suffered their steepest decline since October 2000, falling 13% after Anthropic introduced an AI tool capable of modernizing the Cobol programming language, which runs on IBM's mainframe systems. The sell-off has pushed IBM's February decline to 27%, potentially marking its worst monthly performance since at least 1968, according to Bloomberg-compiled data.

SanDisk Shares Rise 3% Pre-Market Ahead of Feb. 24 Product Announcement

Sandisk Corporation(SNDK.US) 's stock gained over 3% in pre-market trading following a teaser post on social media. The company shared a minimalist promotional image featuring the date "02 24 26," hinting at a major new product or technology launch scheduled for February 24, 2026.

ASML Rises 1% on EUV Breakthrough Boosting Chip Output by 50%

ASML Holding NV ADR(ASML.US) 's stock gained over 1% pre-market after researchers announced a technological breakthrough in EUV light source power, increasing it from 600 watts to 1,000 watts. The advancement is expected to significantly reduce per-chip manufacturing costs by enabling higher throughput. By the end of 2030, ASML's systems could process approximately 330 silicon wafers per hour, a 50% improvement from the current 220 wafers per hour.

Vir Biotechnology Surges 56% on Q4 Revenue Explosion and Promising Trial Results

Vir Biotechnology(VIR.US) 's stock skyrocketed over 56% in pre-market trading after reporting Q4 revenue of $64.07 million, a staggering 417% year-over-year increase. The surge was further fueled by positive Phase 1 trial results for its prostate cancer candidate VIR-5500. Adding to the momentum, the company announced a global strategic partnership with Astellas Pharma to co-develop the PSMA-targeting T-cell engager.

Hims & Hers Health Drops 7% on Soft Q1 Outlook Despite Strong Q4

Hims & Hers Health, Inc. Class A(HIMS.US)  shares fell nearly 7% in pre-market trading after the company issued weaker-than-expected Q1 2026 guidance. While Q4 revenue of $617.8 million and EPS of $0.08 both came in mixed—revenue slightly below consensus while EPS beat—the company forecast Q1 revenue of $600 million to $625 million, below the $653.1 million estimate. Subscribers topped 2.5 million, though gross margin narrowed to 72% from 77% a year earlier.

Keysight Technologies Surges 14% on Strong Q1 Results and Upbeat Forecast

Keysight Technologies Inc(KEYS.US)  shares jumped nearly 14% in pre-market trading after the company reported better-than-expected fiscal first-quarter results and issued a strong outlook. The test and measurement equipment maker posted adjusted EPS of $2.17, beating the $2.00 consensus estimate, while revenue rose 23% year over year to $1.6 billion, surpassing expectations of $1.54 billion.