Closing Bell Movers: Stock futures slip as US launches Iran strikes

Weakness in Semiconductors, Semi Equipment, and Memory weighed on sentiment in Tuesday trading, sending the tech-dominated Nasdaq down by over 1%. Technology was also the third worst performing sector in the S&P 500, though it was Industrials - the sector heavily involved in the AI capex buildout - that was the worst performing space in the benchmark index. Among the most notable decliners in the two sectors were Intel (INTC), Teradyne (TER) and Generac (GNRC) with losses of nearly 10% and with all three names hitting multi-week lows. The winner circle was mostly occupied by Energy names - Exxon Mobil (XOM) and Chevron (CVX) were up nearly 4%, though it was Occidental Petroleum (OXY) leading the index with a near-6% gain. Software names - which have recently traded in opposition to AI-buildout related tech stocks also benefited. Workday (WDAY) gained 4% and Intuit (INTU) rallied 3%. In the evening hours, investors are monitoring re-escalation of conflict in the Middle East. Following overnight strikes on commercial vessels by Iran in the Strait of Hormuz, U.S. military has retaliated with strikes on Iranian targets. WTI Crude Oil futures are up as a result and Index futures are.