Sysco Sinks as Inflation Concerns Weigh on US Stock Futures

US stock index futures declined on Tuesday due to elevated inflation and soaring bond yields. Additionally, concerns about the pace of artificial intelligence development added to investor jitters.

The Dow Jones contract fell by 247 points, or 0.5%, while S&P 500 futures slipped by 26 points, or 0.3%, and Nasdaq futures dropped by 108 points, or 0.4%.

Sysco's shares declined by 1.3% in premarket trading to $82.49 after announcing a $1 billion common stock offering to partially finance its acquisition of Jetro Restaurant Depot. The company priced 12.35 million shares at $81 each, which is a discount of about 3% compared to Monday's closing price.

Waystar's shares rose by 3.3% to $25.73 after reports that the healthcare software company is exploring strategic options, including a potential sale. A transaction could take Waystar private again, just two years after its initial public offering in 2024.

Cryptocurrency and blockchain companies saw their shares fall in premarket trading due to the decline of Bitcoin by 2.9% to $76,833.83. Crypto miners such as Riot Blockchain, Marathon Digital Holdings, Bit Digital, and Hut 8 Mining also moved lower.