Pre-market futures are down across major indexes, threatening a down week. The Dow is off 346 points, the S&P 500 is down 71, and the Nasdaq is lower by 561, while the small-cap Russell 2000 has shed 24 points. Investors are booking profits on the AI trade, with Tokyo and Taiwan stock markets falling 4% and 6.5% overnight, respectively, on concerns over high capital spending. Netflix shares dropped 11% ahead of the opening bell after a weaker revenue outlook in its earnings report. In economic data, June housing starts rebounded to 1.427 million seasonally adjusted annualized units, driven by a 76% surge in multi-family construction, while building permits slipped to 1.367 million, the lowest since March. Import prices rose 0.3% month-over-month, the lowest this year, but climbed 7.1% year-over-year, the hottest since August 2022, while export prices fell 0.6%, the first decline since May of last year.
Netflix IncWeaker revenue outlook in earnings report caused 11% drop.
Alphabet Inc Class C
International Business Machines
Intel Corporation