The S&P 500 was up slightly as the shortened trading week kicked off.

The broad index added just 0.2% shortly after 9:30 a.m. ET. The Nasdaq Composite climbed 0.5%, while the Dow slipped 0.3%.

— Alex Harring

Apple shares added nearly 2% in Tuesday premarket trading following data that reflected a rebound in China.

iPhone shipments in China jumped about 52% in April from a year ago, according to data analyzed by UBS. But the firm warned that these figures can be “volatile,” and sad investors shouldn’t jump to the conclusion that a regional turnaround is happening because of this month’s stats alone.

Bloomberg News first reported on the data.

These are some of the companies making headlines before the bell:

• GameStop — Shares surged nearly 27% following the company’s announcement on Friday that it had made around $933.4 million from a stock sale. The company sold 45 million common shares. 
• Nvidia — The chipmaker jumped 3% premarket, continuing its post-earnings rally after its quarterly earnings report last Wednesday. Shares soared 15% last week, breaking above $1,000 for the first time.
• Norwegian Cruise Line Holding — The cruise stock rose 3% following an upgrade to buy from neutral at Mizuho. The investment firm said Norwegian could benefit from a shift in opinion after being a target of short-sellers in recent years.

The full list can be found here.

— Hakyung Kim

T-Mobile announced Tuesday it struck a deal to acquire U.S. Cellular’s wireless operations and 30% of spectrum assets for $4.4 billion. The agreement includes a combination of cash and up to about $2 billion in unassumed debt. T-Mobile will also enter into a new licensing agreement on more than 2,000 towers.

The deal is expected to close in mid-2025. Shares of U.S. Cellular popped 7% in market trading, while T-Mobile was down less than 1%.

— Michelle Fox

The three major averages saw varied performance last week.

The technology-heavy Nasdaq Composite gained about 1.4%, while the blue-chip Dow shed around 2.3% for its first losing week in five. Meanwhile, the S&P 500 finished marginally above flat.

— Alex Harring

GameStop shares were up more than 20% in the premarket after the company announced Friday that it made $933 million from a stock sale. The company sold 45 million common shares.

The video game retailer has been on fire this month amid a meme stock craze resurgence, soaring 71.3%. However, it pulled back 14.5% last week.

Minneapolis Federal Reserve President Neel Kashkari told CNBC on Tuesday he’s still not ready to cut interest rates.

“Many more months of positive inflation data, I think, to give me confidence that it’s appropriate to dial back,” he said. He also noted the central bank could raise rates if inflation doesn’t continue to ease. “I don’t think we should rule anything out at this point.”

— Fred Imbert

Nvidia shares were up more than 2% in the premarket, putting the tech giant on track to build on its post-earnings rally from last week. The stock surged 15% to record highs last week after reporting blockbuster quarterly results.

European markets opened mixed Tuesday as momentum returned after a quiet previous session.

The FTSE 100 was down 0.15% in early deals, while France’s CAC fell 0.14%. The German DAX, meanwhile, was up 0.23% and Italy’s FTSE MIB was 0.2% higher.

India’s Adani Group is in talks to expand into the country’s e-commerce and payments space, the Financial Times reported Tuesday, citing four people familiar with the matter.

It will be competing with the likes of Google in the payment’s space and India’s Reliance Industries on the e-commerce front, as the ports-to-retail conglomerate expands its operations in the world’s most populous country.

The FT reported Adani could apply for a license to operate on India’s public digital payments platform, Unified Payments Interface (UPI), and is also in talks with banks to finalize previously announced plans for a co-branded Adani credit card.

Adani is also in negotiations to offer online shopping through an Indian government-backed public e-commerce platform, Open Network for Digital Commerce, the FT reported.

Separately, Adani Group is set to kick off several roadshows this week to raise up to $4 billion through equity and refinancing of older debt, Business Standard reported, citing banking sources.

— Shreyashi Sanyal, Financial Times

Data from the Australian Bureau of Statistics said retail turnover rose 0.1% month-on-month in April, on a seasonally adjusted basis.

The reading was below Reuters poll estimate of a 0.2% rise. Retail sales in April rose 1.3% from a year earlier.

“Underlying retail spending continues to be weak with a small rise in turnover in April not enough to make up for a fall in March,” said Ben Dorber, head of retail statistics at the Australian Bureau of Statistics.

“Since the start of 2024, trend retail turnover has been flat as cautious consumers reduce their discretionary spending,” Dorber added.

— Shreyashi Sanyal

Japan’s services producer price index rose 2.8% year on year in April, marking its fastest rise in nine years and providing another indicator of sustained inflation to the Bank of Japan.

The PPI was higher than the revised 2.4% in March, climbing for a second straight month.

The services PPI measures the average change in prices received by domestic producers.

— Lim Hui Jie

Here’s how futures opened on Monday night:

• Futures tied to the Dow Jones Industrial Average added 57 points, or 0.1%.
• S&P futures gained 0.2%.
• Nasdaq 100 futures edged up 0.3%

— Pia Singh