US futures steady after tech-led selloff
US stock futures steady on Wednesday after the prior session’s tech-heavy decline, as higher global bond yields, firmer oil prices and ongoing US-Iran tensions weigh on sentiment.
US stock futures steadied on Wednesday after the major averages tumbled in the previous session amid heavy selling in semiconductor and other technology stocks.
Rising global bond yields and firmer oil prices also dampened sentiment, with the 30-year Treasury yield reaching a 19-year high this week.
On the geopolitical front, the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz in the near term.
In regular trading on Tuesday, the Dow fell 0.22%, the S&P 500 declined 0.69% and the Nasdaq Composite plunged 1.33%, with all three benchmarks losing ground for a third consecutive session.
AI-linked chipmakers suffered steep losses, including Micron (-7%), Sandisk (-9%), Nvidia (-2.3%), Intel (-6.6%) and AMD (-4.3%).
Investors now await minutes from the Federal Reserve’s July meeting, along with earnings reports from major retailers including Target, TJX and Lowe’s.