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S&P 500 futures fell on Tuesday after another chipmaker warned about tough times ahead following Nvidia’s poor forecast in the prior session. Losses were contained as investors awaited inflation data this week that will determine the pace of future interest rate hikes.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were down 2 points, or 0.01%, S&P 500 e-minis were down 6.5 points, or 0.16%, and Nasdaq 100 e-minis were down 59.75 points, or 0.45%.

Pre-Market Movers

Novavax – The drugmaker’s stock plummeted 32.3% in the premarket after posting an unexpected quarterly loss and cutting its full-year revenue guidance in half. Novavax said it did not expect any further U.S. sales of its Covid-19 vaccine this year amid soft demand and a supply glut.

GoodRx Holdings, Inc. – GoodRx soared 39.6% in premarket trading after the provider of prescription drug comparison software reported better-than-expected quarterly results, and also said an issue with a major grocery chain had been resolved.

Allbirds, Inc. – The sneaker maker’s shares dived 11.8% in the premarket after it cut its full-year forecast, with the company saying external headwinds could pressure consumer spending in the back half of 2022.

Micron Technology – The chip maker said it expected negative free cash flow for the current quarter, as well as declines in revenue and profit margins. Chip shipments are falling due to weakening demand from PC and video game companies. Micron lost 4.75% in premarket action.

Take-Two – Take-Two fell 3.4% in the premarket after the video game publisher issued a weaker-than-expected revenue forecast. Take-Two is the latest company to see its results impacted by a general slowdown in gaming following a pandemic-era boom.

Occidental – The energy producer’s stock added 2.3% in the premarket following news that Berkshire Hathaway(BRK.B) had increased its stake in Occidental to more than 20%. That means that Berkshire can record part of Occidental’s profits as its own.

Signet Jewelers – The jewelry retailer announced a deal to buy online jewelry seller Blue Nile for $360 million in cash. Signet shares added 2% in the premarket.

Upstart Holdings, Inc. – Upstart stock tumbled 12.2% in premarket trading after the cloud-based lending platform company missed Wall Street’s estimates on both the top and bottom lines for its latest quarter. It also issued a weaker-than-expected revenue forecast, saying that banking partners have turned more cautious due to the uncertain economy.

Cargurus Inc.,Vroom, Inc. – Both online used car sellers saw their stocks plunge in premarket action after reporting weaker-than-expected quarterly results. CarGurus sank 14.9% while Vroom slid 11.4%.

SoFi Technologies Inc. – The online financial services company’s stock fell 3.4% in premarket trading after Japan’s SoftBank said it would some or all of its 9% stake in SoFi.

Market News

Tesla Motors sold 28,217 Chinese-made vehicles in July, nearly two-thirds less than a month earlier as a scheduled upgrade to its factory lines in Shanghai disrupted production.

Warren Buffett's Berkshire Hathaway bought more shares of Occidental, surpassing the 20% stake where it could record some of the oil company's earnings with its own and potentially add billions of dollars of profit.

Novavax's Q2 revenue fell 38% to $186 million in the quarter. The company reported a net loss of $510.5 million, compared with a net loss of $352.3 million in the year-earlier quarter. It now expects full-year sales between $2 billion and $2.3 billion, down from its previous forecast of $4 billion to $5 billion.

Upstart Holdings, Inc. posted a net loss of $29.9 million, or 36 cents a share, whereas it recorded net income of $37.3 million, or 39 cents a share, in the year-earlier quarter. total revenue rose to $228 million from $194 million.

Snap Inc is in the early stages of planning layoffs, it’s currently unclear how many of Snap’s more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams.

Micron Technology forecast adjusted revenue for the current quarter at $7.2 billion, plus or minus $400 million.It said that its fourth-quarter revenue may come in at or below the low end of the forecast range provided on its June 30 earnings call.

Toyota said on Tuesday it would suspend the second shift operation of that day at one production line at its factory in central Japan due to an outbreak of COVID-19.

Domino's Pizza’s footprint in the home of Pizza proved to be short lived with Italians favoring local restaurants over the American version.The last of Domino’s 29 branches have closed after the company started operations in the country seven years ago.