The US stock market is off to a mixed start in pre-market trading, with futures showing slight declines across major indices. As of early morning trading, the S&P 500 (ES) is down 0.2%, the Nasdaq (NQ) is down 0.3%, and the Russell 2000 (RTY) is down 0.3%.

Here’s a look at the biggest movers in today’s pre-market session:

Winners

📈 Nvidia ($NVDA) +0.3%
Nvidia is seeing slight gains ahead of a highly anticipated speech by CEO Jensen Huang at the Nvidia GTC conference later today. Investors are eagerly watching for updates on AI advancements and new product launches.

📈 NIO ($NIO) +6%
Chinese EV maker NIO is surging after Contemporary Amperex Technology Co. Limited (CATL) agreed to invest up to RMB 2.5 billion in expanding a battery-swapping network in China. This investment strengthens NIO’s position in the rapidly growing Chinese EV market.

📈 Steel Dynamics ($STLD) +0.5%
The company announced that its Q1 profitability from steel operations is expected to be stronger than the previous quarter, boosting investor confidence.

📈 Ralph Lauren ($RL) +2.8%
Ralph Lauren shares are climbing after receiving an upgrade from Goldman Sachs, signaling optimism about the luxury retailer’s growth prospects.

📈 Xpeng ($XIACY) +6%
Xpeng raised its 2025 EV delivery target following its fastest revenue growth since 2021, showing strong momentum in the competitive Chinese EV market.

Losers

📉 Tesla ($TSLA) -1.5%
Toronto excluded Tesla from its EV incentive program for taxis and ride-shares, citing US-Canada trade tensions. This move could impact Tesla’s market share in the region.

📉 PepsiCo ($PEP) -1.2%
Pepsi shares are slipping after Barclays downgraded the stock, possibly due to concerns over valuation or slowing growth in key markets.

📉 Alphabet ($GOOG) Flat
While Alphabet’s stock is holding steady, news broke that the company is in advanced talks to acquire cybersecurity startup Wiz for approximately $30 billion. The market reaction remains neutral as investors assess the strategic impact of the potential deal.

Market Outlook

With Nvidia’s keynote at GTC, Tesla facing trade-related challenges, and Chinese EV makers gaining ground, today’s session could see increased volatility. Investors should stay tuned for further developments and company announcements throughout the day.

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