Morning Movers: Netflix and Intuitive Surgical sink following quarterly results

Stock futures are lower, extending a selloff in technology shares that has weighed on the broader market despite generally solid corporate earnings and encouraging inflation data earlier in the week. The Philadelphia Semiconductor Index is on track for its worst weekly performance in more than a year as weakness spreads across the industry. Earnings are producing mixed reactions. Netflix shares are sharply lower in premarket trading after the streaming company issued weaker-than-expected third quarter guidance, overshadowing otherwise solid quarterly results. Investors will also continue digesting results from banks and healthcare companies, with earnings remaining a key driver of individual stock performance amid an uncertain macro backdrop. Economic data released this week continues to suggest inflation pressures are easing. However, geopolitical tensions in the Middle East continue to support higher oil prices and have added another layer of uncertainty for investors, particularly as concerns grow over potential impacts on inflation and global supply chains. Despite this week's volatility, market leadership continues to broaden beyond the AI trade, with some investors rotating.