U.S. equity futures were largely subdued on Tuesday, with traders balanced between imminent inflation data and a fresh batch of headlines touching on the Iran conflict and the accelerating demand for artificial intelligence infrastructure.
By 03:05 ET (07:05 GMT) the Dow futures contract was down 51 points, or about 0.1%, while futures tied to the S&P 500 and the Nasdaq 100 were mostly unchanged. The cautious tone followed a retreat in the main Wall Street averages in the prior session as oil prices climbed, rekindling concerns about energy-driven inflation and the prospect of tighter central bank policy.
Market participants noted that the uplift in oil helped push U.S. Treasury yields higher, adding pressure to equities. The shifts in bond markets and the energy complex came as few signs emerged that negotiators were close to resolving the Iran-related standoff that has disrupted flows through the Strait of Hormuz - a key conduit for global oil and liquefied natural gas.
AI deals and investor sentiment
On the technology front, Nvidia confirmed a large-scale AI infrastructure agreement involving a group of major financial firms, including Apollo, BlackRock, Goldman Sachs and KKR. The arrangement is intended to mobilize more than $500 billion in third-party capital to support the buildout of AI infrastructure.
The announcement triggered a pullback in Nvidia shares, which fell by more than 2% following an initial report by the Financial Times. Analysts at Vital Knowledge characterized the move as another instance of Nvidia "extending its balance sheet to drive AI infrastructure demand." The report added to prevailing concerns about the sustainability of the AI investment cycle, which in recent weeks has offset some of the optimism stemming from a generally robust quarterly earnings season for S&P 500 companies.
Geopolitics - reparations dispute and energy supply
Diplomatic progress toward an agreement to reopen the Strait of Hormuz appears to have stalled. U.S. President Donald Trump publicly dismissed a fresh set of demands from Iran, specifically Tehran's request that Washington pay reparations for damage caused during the more than five-month-long conflict. Trump said the reparations demand was new, and he countered that Iran should instead compensate "for all of the people that they have killed and gravely wounded with their roadside bombs and many conflicts."
With the waterway effectively closed, global oil supplies remain constrained. Prior to the conflict that began in late February, roughly one-fifth of the world's oil and liquefied natural gas transited the Strait. The uncertainty around reopening the route has led to volatility in oil prices; Brent crude futures were last reported up 1.8% at $89.34 a barrel.
Anthropic and Riot Platforms - long-term cloud capacity deal
In another development tied to the surge in demand for AI computing, Bloomberg reported that AI developer Anthropic has entered a long-term agreement with Riot Platforms to secure cloud computing capacity. The reported contract is valued at $9.1 billion and covers 191 megawatts of capacity at Riot's Rockdale, Texas, campus, running through June 2048.
Riot disclosed a previously unnamed data center agreement earlier in the day, and the company saw its shares rise by more than 20% in extended-hours trading after the disclosure. According to the report, two five-year extension options could push total sales from the contract to as much as $16.1 billion.
Intel completes $20 billion upsized equity offering
Chipmaker Intel said it raised $20 billion from an upsized offering of common stock, taking advantage of a rebound in its share price to bolster its balance sheet as it expands manufacturing and packaging capacity. The offering was priced at $95 a share, representing a 2.6% discount to the prior close. Intel sold 210.5 million shares and granted underwriters a 30-day option to buy up to 31.6 million additional shares.
Intel had initially aimed to raise $15 billion through the sale. The company said the proceeds will be used for general corporate purposes. Following the news, Intel shares dipped by over 4% on Monday, after a strong run earlier in the year as the firm prepares to invest heavily in facilities and advanced packaging to compete with foundry rivals.
Reserve Bank of Australia holds rates
Outside the U.S., the Reserve Bank of Australia left its cash rate unchanged at 4.35% in a unanimous decision, signaling a pause amid signs that inflation is easing. The RBA has raised rates by a cumulative 75 basis points so far this year. Policymakers lowered their inflation forecasts for the end of 2026 but cautioned that headline and core inflation remain elevated and may stay high in the near term.
The central bank indicated that elevated fuel prices, linked to the Iran conflict, were a significant near-term contributor to price pressures. Markets had expected the hold after a softer-than-expected Australian consumer price index print for the second quarter.
Market takeaway
Investors enter a key data week with several moving pieces: prospects for a Middle East diplomatic breakthrough remain unclear, energy prices are firming and headline moves in technology and semiconductor stocks are being driven by both strategic capital arrangements and company financing actions. Treasury yields rising in tandem with higher oil prices added to the uneven backdrop for equities.
Within tech and semiconductors, the two headlines to watch are how large-scale AI infrastructure commitments - public or private - interact with balance-sheet strategies at established vendors, and how chipmakers fund heavy capital spending plans without unsettling investors. Intel's transaction is an explicit example of that tension: the company is raising funds to back capacity expansion even as its shares slipped on the news.
For energy markets, the continued closure of the Strait of Hormuz remains a material constraint on supply, keeping oil prices elevated and complicating central bank assessments of inflationary momentum.
Note on coverage: This report summarizes market moves, corporate actions and central bank decisions reported around the indicated time. It does not project outcomes beyond the specific facts presented.