U.S. equity futures were largely steady ahead of the opening bell, with the S&P 500 and Nasdaq 100 showing little change and the Russell 2000 edging higher by 0.1%. Beneath the surface, however, several individual names were making notable moves on the back of earnings results, corporate developments, and strategic news.

Intel Gains on Executive-Level Meeting with Political Leaders

Intel shares climbed nearly 3% in pre-market trading after news emerged that company CEO Pat Gelsinger held discussions with former U.S. President Donald Trump, accompanied by notable business figures including Howard Lutnick and Jason Bessent. While few specifics from the meeting were disclosed, it was described as “very interesting,” sparking investor optimism about potential policy or industry-related implications for the semiconductor giant.

Nvidia Edges Lower Amid Renewed China Guidance on AI Chips

Nvidia shares slipped marginally after reports that Chinese authorities have advised domestic companies to avoid using the firm’s H20 artificial intelligence chips in new projects. While similar directives have been issued in the past, the reminder underscores the geopolitical and regulatory headwinds Nvidia faces in one of its most important international markets.

On Holding Surges After Earnings Beat and Upgraded Forecast

Sportswear brand On Holding jumped over 11% after posting revenue that exceeded expectations and lifting its full-year 2025 guidance. Strong demand across global markets, coupled with an expanding retail footprint, has positioned the company to capture further market share in the athletic footwear segment.

Cardinal Health Drops on Earnings Miss

Cardinal Health fell more than 7% after its quarterly profit and adjusted EBIT came in below analyst expectations. The miss raised concerns about operational efficiency and margin pressures in the healthcare distribution business, a sector already facing shifting reimbursement models and supply chain complexities.

Celanese Tumbles on Weak Outlook

Shares of specialty materials producer Celanese plunged 15% after the company projected softer demand across most of its key end markets in the second half of the year. Management pointed to ongoing macroeconomic uncertainty and slower customer restocking cycles as primary reasons for the cautious guidance.

Kohl’s Gains Following Analyst Upgrade

Retailer Kohl’s rose close to 3% after receiving an upgrade from Gordon Haskett. The firm cited improving inventory management, strategic merchandising adjustments, and potential upside from consumer spending resilience as reasons for the more favorable outlook.

Hanesbrands Skyrockets on Potential Acquisition Deal

Hanesbrands shares soared more than 40% on reports that Gildan Activewear is nearing a deal to acquire the apparel maker in a transaction that could value the company at approximately $5 billion, including debt. The potential deal would consolidate two major players in the global activewear and basics market, potentially reshaping competitive dynamics in the space.

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While overall index futures showed little movement, individual stock reactions were anything but quiet. From strategic meetings and international policy developments to earnings surprises and M&A speculation, today’s pre-market landscape highlights how company-specific catalysts can drive outsized moves well before the broader market opens.

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