Intel, Amgen, Novartis, Bloom Energy, and More Stocks That Explain Today’s Market

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Traders working on the floor of the New York Stock Exchange. (ANGELA WEISS/AFP via Getty Images)

Key Points

Stock futures fell on Tuesday as oil prices neared $100 a barrel, increasing expectations for a Federal Reserve interest-rate hike next week.
Intel shares rose in premarket trading, leading S&P 500 gainers as artificial-intelligence stocks advanced despite inflation concerns.
Amgen shares fell after Novartis reported disappointing trial results for its experimental cardiovascular treatment pelacarsen.

Stock futures were dropping on Tuesday as oil prices neared $100 a barrel, bolstering the case for the Federal Reserve to hike interest rates next week.

Artificial-intelligence stocks were rising despite the market’s inflation worries. Chip maker Intel was the S&P 500’s top performer ahead of the opening bell, advancing 3.6%. Advanced Micro Devices , Marvell , Micron, and Sandisk were also up in premarket trading.

Amgen fell 4.9% after drugmaker Novartis reported disappointing trial results for its experimental cardiovascular treatment, pelacarsen. Amgen is developing a treatment of its own called olpasiran. Novartis’ Swiss-listed shares dropped 9.1% following a series of trial setbacks.

Fuel-cell manufacturer Bloom Energy jumped 5.9%, data storage company Everpure added 3%, and biotech Illumina ticked up 0.9%. The stocks are set to join the S&P 500 before trading opens on Sept. 21.

Building supplier Builders FirstSource, brewer Molson Coors Beverage, and advertising software company Trade Desk are set to be deleted from the benchmark index. All three stocks were sliding on Tuesday.

Write to George Glover at george.glover@dowjones.com

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