U.S. stock futures are pointing slightly higher after the S&P 500 and Nasdaq again hit record closing highs; Union Pacific (UNP) agrees to acquire fellow rail giant Norfolk Southern (NSC) for $85 billion; UnitedHealth Group (UNH) shares are falling in premarket trading after it slashes its full-year profit outlook; Nvidia (NVDA) reportedly orders 300,000 H20 chips from contract manufacturer TSMC (TSM) amid strong demand in China; and United Parcel Service (UPS) shares are dropping after its quarterly profit comes up short of analysts’ estimates. Here’s what investors need to know today.

1. US Stock Futures Edge Higher After Nasdaq, S&P 500 Hit Fresh Record Highs

U.S. stock futures are edging higher after the S&P 500 and Nasdaq again hit record highs, as investors monitor incoming earnings reports. Nasdaq futures are 0.5% higher after the tech-heavy index closed at a record high for the 10th time in 11 sessions, while S&P 500 futures are up 0.3% after its sixth-straight record close. Dow Jones Industrial Average futures are little changed. Bitcoin (BTCUSD) is slightly higher at about $118,500. The 10-year Treasury note yield is slightly lower. Gold futures are higher. Oil futures are little changed.

2. Union Pacific to Acquire Norfolk Southern for $85B

Union Pacific (UNP) and Norfolk Southern (NSC) announced that the two railroad giants were combining, creating the country’s first transcontinental railroad. Union Pacific will buy Norfolk Southern for $320 per share in an $85 billion deal that will connect 50,000 miles of railroad across 43 states, linking approximately 100 North American ports. The combined company will be worth over $250 billion. The deal follows reports that the two companies were in merger discussions. Union Pacific shares are up less than 1% in premarket trading, while those of Norfolk Southern are down more than 2%.

3. UnitedHealth Stock Slips After Firm Slashes Profit Outlook

UnitedHealth Group (UNH) shares are slipping 1.5% after the health insurance giant slashed its full-year profit outlook as its second-quarter earnings came in well below analysts’ estimates.  The insurer posted adjusted earnings per share of $4.06 on revenue that increased about 13% year-over-year to $111.6 billion, both below analyst projections compiled by Visible Alpha. Its estimates for full-year earnings per share were slashed by about $10 as the company saw “higher realized and anticipated care trends.” UnitedHealth said it “expects to return to earnings growth in 2026.”

4. Nvidia Orders 300,000 H20 Chips From TSMC, Report Says

Nvidia (NVDA) placed orders with contract manufacturer Taiwan Semiconductor Manufacturing Co. (TSM) for 300,000 AI-focused H20 chips as it adds to its stockpiles amid strong Chinese demand, according to a report in Reuters. Earlier this month, the Trump administration gave approval for Nvidia to resume sales of its H20 chip in China after previously issuing restrictions on the AI chip. During a trip to Beijing earlier this month, Nvidia CEO Jensen Huang said that the level of orders it received would determine whether it would order more production of the chip, according to the report. Nvidia shares are higher by more than 1% in premarket trading while U.S.-listed shares of TSMC are moving slightly lower.

5. UPS Stock Falls as Profit Comes Up Short

United Parcel Service (UPS) shares are 4% lower in premarket trading after the shipping giant posted worse-than-expected quarterly profit while failing to provide a revenue or earnings outlook. UPS reported adjusted earnings per share of $1.55, lower than estimates from analysts surveyed by Visible Alpha. Its revenue fell 3% from year-ago levels but was above projections. UPS said it is not providing a revenue or profit forecast “given the current macro-economic uncertainty.” UPS shares entered Tuesday down about 20% this year