Premarket movers Mag 7 stocks are mostly lower: Meta Platforms (META) slips 1% as the company heads to court Tuesday for a high-stakes showdown with a coalition of state attorneys general over claims that the company deliberately designed Facebook and Instagram to encourage compulsive use among young users (Apple +0.6%, Microsoft +0.7%, Amazon -0.4%, Alphabet -0.5%, Tesla -1.3%, Nvidia -1.9%) Chipmakers and other AI-related firms slide, weighing on US stock futures, as risk-off sentiment sets in. Abercrombie & Fitch (ANF) is down 2% after Raymond James downgraded the clothing company to market perform following the stock’s recent rally. Amylyx Pharmaceuticals (AMLX) rises 26% after saying a late-stage trial of its experimental drug met its primary endpoint for patients who experience low blood sugar levels following bariatric surgery. Aon (AON) slips about 1% on light trading after saying CFO Edmund Reese is leaving after two years in the post. Baidu ADRs (BIDU) drop 6% after the Chinese search-engine operator reported its fifth quarter of free cash outflow in the past six, thanks to soaring capital expenditures. Its revenue was shy of analyst estimates, dragged by underperformance at its subsidiary iQiyi. Bath & Body Works (BBWI) climbs 3% after Citi raised the recommendation on the company to buy, with analyst Paul Lejuez noting a second quarter EPS beat and positive tone about recent product launches. Fabrinet (FN) slides 9% after the process engineering and manufacturing services firm’s Datacom sales disappointed investors. Home Depot (HD) climbs 2% after results beat estimates in the latest quarter, a sign that spending on improvement projects is holding up despite high borrowing and housing costs. Norwegian Cruise (NCLH) falls 2% as Mizuho downgrades the company to neutral, saying cash requirements may pressure the balance sheet.(zerohedge)