Intel, Microsoft and Walmart rise premarket; ViaSat falls

Investing.com -- US stock futures rose Tuesday, amid growing confidence that the Federal Reserve will end its latest policy-setting meeting with a hefty interest rate reduction.

Here are some of the biggest premarket US stock movers today Intel (NASDAQ:INTC ) stock rose 6.7% after the US semiconductor group said that its contract manufacturing unit had signed a deal to make custom artificial intelligence chips for Amazon (NASDAQ:AMZN )'s cloud division. Microsoft (NASDAQ:MSFT ) stock rose 1.6% after the software giant’s board approved a new share buyback program worth up to $60 billion and raised its dividend. ViaSat (NASDAQ:VSAT ) stock fell 3.5% after JPMorgan downgraded its investment stance on the global communications company to "neutral" from "overweight", citing the threat of competition from Starlink. Walmart (NYSE:WMT ) stock rose 0.3% after Morgan Stanley noted that the retail giant’s membership soared to a record high in August, according to its survey, which aligns with management commentary that membership continues to grow "double digits." Virgin Galactic (NYSE:SPCE ) stock fell 0.6% after Morgan Stanley cut its price target on the space travel company, noting that its commercial flights are on hold until around 2026. Applovin (NASDAQ:APP ) stock rose 2.5% after UBS upgraded its stance on the mobile technology company to “buy” from “neutral”, citing improving visibility over medium-term revenue growth as well as a supportive valuation. Ferguson Enterprises (NYSE:FERG ) stock fell 3.5% after the plumbing services provider pointed to “an ongoing challenging near term market environment” in its full-year results.

Source: Investing.com