S&P 500, Nasdaq 100 Futures Erase Premarket Gains

S&P 500, Nasdaq 100 Futures Erase Premarket Gains

September 12, 2025

The S&P 500 and Nasdaq 100 futures erased premarket gains as investors digested the latest earnings reports and economic indicators. The market opened with a cautious tone, reflecting the uncertainty surrounding global economic conditions and geopolitical tensions.

Merus N.V. (NASDAQ: MRUS) reported disappointing quarterly results, missing revenue expectations by 9.6% and reporting a statutory loss of US$2.23 per share, which was significantly higher than analyst forecasts. The company's stock price reacted negatively to the news, with analysts trimming their revenue and loss per share forecasts for 2025. Despite the negative outlook, the average price target remained largely unchanged at US$90.40, suggesting that the market expects the intrinsic value of the business to remain stable .

Sammaan Capital Limited (formerly Indiabulls Housing Finance) saw its shares slip 3% to ₹163.86 on the National Stock Exchange (NSE) following the announcement that Abu Dhabi-based Avenir Investment RSC, an affiliate of International Holding Company (IHC), will acquire a 43.46% stake in the non-banking financial company (NBFC) through a ₹8,850 crore preferential allotment. The deal, which involves issuing 333 million shares at ₹139 apiece, is expected to boost the company's stability, liabilities access, and credit profile. However, the stock's price remains relatively low, trading at approximately 0.6x price-to-book value with a market capitalization of ₹14,045 crore .

The market's cautious approach is also influenced by the recent Reserve Bank of India (RBI) revisions to co-lending arrangements, which have expanded the framework to include non-priority sector segments. The updated guidelines have the potential to accelerate business models for companies like Sammaan Capital, but the broader impact on the market remains to be seen.