Written by Brenda Nakalema

Micron, Novavax, Bed Bath & Beyond, and Other Market Movers

Stock futures were trading lower on Tuesday in anticipation of inflation data to be released on Wednesday. This will give …

Stock futures were trading lower on Tuesday in anticipation of inflation data to be released on Wednesday. This will give Wall Street a good yardstick of how aggressive the Federal Reserve will need to be with future interest rate hikes.

S&P 500 futures declined 0.2%, while the Dow Jones Industrial Average futures dropped 0.1%. Futures for the tech-heavy Nasdaq Composite fell even lower by 0.6%.

These are a few of the notable market movers in the premarket Tuesday.

Bed Bath & Beyond (ticker: BBBY) climbed 8.8% Tuesday amidst the escalating meme-stock frenzy. Shares of the retailer soared 40% by the close of trading on Monday, as the stock regained its favoured position among investors on the Reddit platform.

Covid-19 vaccine developer Novavax (ticker: NVAX) dropped a further 32% following the company’s decision to cut its guidance for 2022 revenue.

Micron Technology (ticker: MU) dropped lower by 3.5% on Tuesday. The memory chip company announced it was reducing its guidance for the fourth-quarter revenue. The company also added that it plans to invest $40 billion in the U.S by the end of the decade.

Upstart Holdings (ticker: UPST) reported earnings and revenue that fell short of Wall Street expectations for its second quarter following the close of trading on Monday. Shares of the company dropped by 13% in premarket trading on Tuesday.

Take-Two Interactive Software (ticker: TTWO) dropped 3.4% following the videogame firm’s reported earnings and net bookings miss for its fiscal first quarter on Monday.

Palantir Technologies (ticker: PLTR) fell by 1.7% on Tuesday following a stock downgrade from Hold to Sell at Deutsche Bank. Shares closed 14% in the negative on Monday after the data analytics software company provided guidance for both the September quarter and the full year that disappointed analyst expectations.

Spirit Airlines (ticker: SAVE) reported a smaller loss and better revenue for its second-quarter than Wall Street analysts had predicted. Shares for the discount airline gained by 0.1%.