US STOCKS-Wall Street poised to dip at open after record highs; HPE soars

U.S. stocks were set to open lower on Tuesday after hitting a series of record highs, while blowout results from Hewlett Packard Enterprise and a funding commitment from Alphabet underscored investor confidence in the ‌AI buildout. HPE surged about 28% in premarket trading after the AI server maker pulled forward its long-term financial targets by two years. Rivals Dell and Super Micro Computer climbed 2.3% and 4.6%, respectively. Alphabet said it was looking to raise $80 billion in equity offerings, including an investment from Berkshire Hathaway, to fund a costly expansion of its AI infrastructure. Its shares ‌slipped nearly 2.8% "It confirms the insatiable demand that we're seeing really across the board for AI. Every day it seems like a different company comes out ‌with incredible signs that this wave of AI is alive and well," said Ryan Detrick, chief market strategist at Carson Group.

Both the S&P 500 and the Nasdaq logged their eighth straight session of gains on Monday and closed at record levels, with Nvidia rising more than 6% after it unveiled a new processor to bring AI to personal computers. Stronger-than-expected first-quarter results and enthusiasm around AI have powered ⁠the U.S. stock ​rally. Hopes for an end to the ⁠U.S.-Iran conflict and for the reopening of the Strait of Hormuz have also supported sentiment, though recent flare-ups have raised concerns. Lebanon announced a partial ceasefire between Hezbollah and Israel on Monday. A prolonged conflict ⁠could stoke inflation, push the Federal Reserve toward tighter monetary policy and threaten Wall Street's record run. "The Middle East matters, but it really is a market that's focusing more on the ​continued incredible growth we continue to see of technology and AI," Detrick said. At 08:11 a.m. ET, Dow E-minis were down 194 points, or 0.38%, and ⁠S&P 500 E-minis were down 14.25 points, or 0.19%. Nasdaq 100 E-minis were down 34.5 points, or 0.11%. Marvell Technology's shares surged more than 19% after Nvidia Chief Executive Officer Jensen Huang called the chipmaker the next "trillion ⁠dollar ​company" at the Computex conference in Taipei. Marvell closed below a market value of $200 billion on Monday. Nvidia invested $2 billion in Marvell in March.

U.S. job openings data is due at 10:00 a.m. ET, ahead of Friday's pivotal employment report. Investors will also watch out for comments from Cleveland Fed President Beth Hammack, a voting ⁠member of the Fed's rate-setting committee, later in the day for cues on the rate outlook.

Money market pricing shows traders have all but priced out rate cuts for ⁠2026 and see growing odds of an ⁠eventual hike in the face of mounting inflationary pressures. Among other movers, Microchip Technology added 9.3% after an upbeat data center revenue forecast.

Philip Morris slipped nearly 1% after the cigarette maker lowered its annual profit forecast. Generac jumped 9% after signing an agreement ‌with a hyperscale data center ‌operator to supply backup power generators.

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