Today's Market Movers: Intel Rises on AI Chip Demand While Novartis Leads a Biotech Sell-Off
Key Takeaways
- •Intel rose 3.6% in premarket trading to lead the S&P 500 as AI chip stocks advanced despite lower stock futures, with AMD, Marvell, Micron, and Sandisk also climbing.
- •ASML gained 2% after confirming Samsung, TSMC, and Intel will adopt its High-NA EUV lithography machines, and said a shift to 12-inch photomasks could raise throughput by up to 40%.
- •Roivant Sciences jumped 20% after subsidiary Pulmovant's mosliciguat met its primary endpoint in Phase 2, cutting pulmonary vascular resistance by nearly 56% versus placebo in a condition with no approved therapy.
- •Novartis fell 13% after del-desiran failed its Phase 3 primary endpoint in myotonic dystrophy type 1, its third clinical setback in a week, pulling Dyne Therapeutics down 30% and Sarepta down 11%.
- •Bloom Energy, Everpure, and Illumina are set to join the S&P 500 on September 21, replacing Builders FirstSource, Molson Coors, and Trade Desk, which all declined on the news.
Stock futures were lower Tuesday morning as Brent crude held above $98 a barrel, with oil prices approaching $100 and pushing up expectations that the Federal Reserve will hike interest rates at its meeting next week. Higher energy costs feed into inflation readings, which is why oil at these levels tends to harden expectations for tighter monetary policy — a headwind for equity valuations broadly.
Despite the broader market pressure, artificial intelligence chip stocks moved higher in premarket trading. Intel (NASDAQ: INTC) was the top gainer in the S&P 500 before the bell, rising 3.6%. Advanced Micro Devices and Marvell also climbed, along with Micron and Sandisk.
AI Chip Stocks Push Higher
ASML added to the positive tone in the chip sector, rising 2% after confirming that Samsung, Taiwan Semiconductor Manufacturing, and Intel are moving ahead with plans to adopt its High-NA extreme ultraviolet lithography machines. High-NA EUV is ASML's newest and most expensive class of lithography tools, designed to print ever-finer circuit features; adoption by the three leading chipmakers is closely watched as a signal of where cutting-edge manufacturing capacity is heading.
ASML's Chief Technology Officer said a planned shift from 6-inch to 12-inch photomasks could boost machine throughput by up to 40%. TSMC and ASML are targeting a 12-inch mask test line by 2031, with commercial production expected by 2033.
Roivant Sciences was Tuesday's biggest gainer, surging 20%. Its subsidiary Pulmovant reported positive Phase 2 results for mosliciguat, a treatment for pulmonary hypertension linked to interstitial lung disease. The drug met its primary endpoint, showing a nearly 56% decline in pulmonary vascular resistance compared to placebo. It also improved six-minute walk distance by about 35 meters and cut a key heart stress marker by 53%. Pulmonary hypertension associated with interstitial lung disease currently has no approved therapy, which has made positive trial data in the condition a sharp mover for developers' shares.
Novartis Pulls Biotech Sector Lower
Novartis fell 13% after its late-stage trial for the muscle-wasting drug del-desiran failed to meet its primary endpoint, the company's third clinical trial setback in one week.
$NVS shares are falling as much as 10% after Novartis' del-desiran failed the pivotal Phase 3 HARBOR study in myotonic dystrophy type 1, missing its primary endpoint on muscle function. It's Novartis' second major late-stage trial setback in a matter of days, following the… pic.twitter.com/xJhz2KwTRW — Wall St Engine (@wallstengine) September 8, 2026
The failure sent ripples through the biotech sector. Dyne Therapeutics dropped 30%, Sarepta Therapeutics fell 11%, and NewAmsterdam Pharma declined 9%. Dyne and Sarepta both work on treatments for muscle and genetic diseases, making them particularly sensitive to a high-profile miss in myotonic dystrophy type 1.
Novartis also weighed on Amgen, which fell nearly 5%. Amgen is developing its own cardiovascular drug, olpasiran, and investors reacted to the broader trial disappointment.
Novartis's Chief Medical Officer said setbacks are part of scientific progress, and the company kept its 5% to 6% five-year sales growth guidance through 2030 in place.
Shipping, Index Changes in Focus
Zim Integrated Shipping Services climbed 6% after Hapag-Lloyd and private equity firm FIMI said they would revise their proposed $4.2 billion acquisition following talks with Israeli officials. The deal has faced pushback in Israel from workers, defense officials, and government figures who say it threatens national security. Hapag-Lloyd confirmed it is working with the Israeli government on structural changes to the proposal.
Turning to index changes, fuel-cell maker Bloom Energy jumped 5.9%, data storage firm Everpure gained 3%, and biotech Illumina edged up 0.9% — all three are set to join the S&P 500 on September 21. Index inclusions typically drive buying because funds that track the S&P 500 must purchase the incoming stocks, while removals force corresponding sales. Builders FirstSource, Molson Coors Beverage, and Trade Desk are being removed from the index, and all three fell on Tuesday.
