Norfolk Southern Corp

The STB accepted Union Pacific and Norfolk Southern's revised merger filing but paused the case, demanding more information by July 27. Shares fell 4.2% and 5.4%.

Union Pacific may drop its $85 billion Norfolk Southern merger if regulators require major line sales or trackage rights. The STB is reviewing the revised application.

Norfolk Southern reported a 27% drop in Q1 net income to $547 million, weighed by higher fuel costs and merger expenses. Shares slipped 0.5% as investors focused on cost pressures and weak freight volumes.

Nasdaq 100 futures gained 172 points driven by Intel's strong Q2 forecast, while Dow futures fell 58 points as oil prices climbed above $105 a barrel.