U.S. stock futures are pointing lower as Treasury yields move higher; pressure on tech stocks is pulling Nvidia (NVDA) and Tesla (TSLA) shares lower in premarket trading; Apple (AAPL) stock is falling as global iPhone sales decline; U.S. Steel (X) stock is moving higher after the U.S. government extends a deadline for Nippon Steel to abandon its proposed merger; and Constellation Energy (CEG) shares are dipping after soaring Friday on a $26.6 billion deal to acquire rival Calpine.

1. US Stock Futures Lower as Traders Lose Hope for Rate Cuts

U.S. stock futures are pointing lower after markets declined for a second straight week, with Nasdaq futures down 1%, S&P 500 futures off 0.6%, and Dow Jones Industrial Average futures edging lower. Markets fell on Friday when a stronger-than-expected jobs report dashed investor hopes the Federal Reserve will cut interest rates. Investors are preparing this week for inflation data, bank earnings, and Fed speak. Bitcoin (BTCUSD) is down 4% at below $91,000, while yields on the 10-year Treasury note are rising to near 4.8%. Oil futures are almost 2% higher, while gold futures are down about 1%.

2. Nvidia, Tesla Stocks Fall as Rising Treasury Yields Hit Tech Shares

Tech stocks are moving lower in premarket trading under pressure from higher Treasury yields. Nvidia (NVDA) shares are 3% lower after HSBC cut its price target to $185 from $195. Tesla (TSLA) stock, which was downgraded by Bank of America last week, also is down about 3% after Bloomberg reported that Europe’s largest pension fund sold its stake in the electric vehicle maker.

3. Apple Stock Slips as Global iPhone Sales Decline

Apple (AAPL) stock is about 1% lower in premarket trading after Counterpoint Research reported that the company’s global smartphone market share slipped one percentage point to 18% in 2024 as fourth-quarter iPhone sales dropped 5% year-over-year. Apple’s global smartphone sales fell 2% last year at a time when the overall market grew 4%, as the iPhone 16 series “was met with a mixed response, partly due to a lack of availability of Apple Intelligence at launch,” Counterpoint said.

4. U.S. Steel Stock Rises on Nippon Steel Deadline Extension

Shares of U.S. Steel (X) are up 4% in premarket trading after the U.S. government extended the deadline for Japan’s Nippon Steel to abandon its merger deal with the U.S. steelmaker, The Wall Street Journal reported. The extension comes after President Joe Biden issued an executive order to block the controversial deal, citing concerns over American jobs. The two companies subsequently took court action against the White House in an effort to preserve the deal.

5. Constellation Energy Stock Pulls Back After Soaring on Calpine Deal

Constellation Energy (CEG) shares are in focus after the company agreed to buy rival Calpine in a $26.6 billion deal that it said would create the largest clean energy provider in the U.S. The news sent Constellation shares soaring 25% Friday, though the stock is slipping about 1.5% in premarket trading. Constellation Energy shares have more than doubled in the last year as of Friday’s close, boosted by increasing power demand to meet artificial intelligence (AI) computing resources.