Stock market today: Dow, S&P 500, Nasdaq futures drop in countdown to Trump's tariff reveal

Newsmax (NMAX) shares rose 26% in premarket trading, continuing a searing rally for the stock as it heads into its second day of trading. The conservative media outlet’s initial public offering (IPO) on Monday drew a wave of retail investors and the stock was repeatedly halted for volatility as it soared 735%.

Johnson & Johnson (JNJ) stock fell 3.6% after a US judge rejected the company’s $10 billion proposal to resolve lawsuits linking baby powder and other talc products to ovarian cancer. It marked the third time Johnson & Johnson tried to avoid future claims through a bankruptcy strategy.

Lucid (LCID) shares were slightly higher in premarket trading after the company’s second product, the Gravity SUV, went on sale. Interim CEO Marc Winterhoff told Yahoo Finance’s Pras Subramanian that the EV maker is providing customers with an alternative to Tesla (TSLA), whose quarter was clouded by dampened demand, tariff concerns, and protests over CEO Elon Musk’s role in government. Still, Tesla stock rose more than 1% despite falling sales in Europe.

PVH (PVH) stock jumped 15% after the Calvin Klein and Tommy Hilfiger owner reported a sales outlook of “modest growth” that beat Wall Street’s expectations. Solid holiday sales helped stabilize the business, though executives noted it’s still contending with a tougher consumer backdrop.