Stock Index Futures Plunge as Tech Selloff Deepens Ahead of U.S. PMI Data

Price ActionMacro Impact 4
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Summary · why it matters

U.S. stock index futures tumbled on Tuesday as a global rout in technology shares intensified, with September S&P 500 E-Mini futures down 1.26% and Nasdaq 100 E-Mini futures down 2.47%. Chip and AI infrastructure stocks led the pre-market declines, as Micron Technology slumped over 8%, Marvell Technology slid more than 7%, and Intel sank over 6%, following a selloff in Korean and Japanese chipmakers that fueled concerns about the sustainability of the AI-driven rally. The pullback also reflected growing unease over sky-high tech valuations and the prospect of a Federal Reserve interest rate hike this year, with rate futures pricing a 32.1% chance of a 25-basis-point increase at the July FOMC meeting. In Europe, the Euro Stoxx 50 Index fell 1.53%, dragged lower by chip and AI-related stocks, while a survey showed Eurozone private-sector activity contracted for a third straight month in June. Asian markets also closed sharply lower, with Japan's Nikkei 225 Stock Index dropping 3.55% and China's Shanghai Composite Index losing 1.37%, as investors locked in profits on richly valued tech names. Investors now await preliminary U.S. purchasing managers' surveys, with economists expecting the June S&P Global Manufacturing PMI to come in at 54.6 and the Services PMI at 51.1, along with earnings reports from FedEx, Cerebras Systems, and Carnival Corporation.

Impact on stocks 18

Artificial Intelligence▲ · 5 stocks
Critical Materials & Supply Chain▲ · 3 stocks
Semiconductors▲ · 2 stocks
Consumer Discretionary▲ · 1 stocks
Industrials▲ · 1 stocks
Quantum Computing▲ · 1 stocks
Cloud & Digital Infrastructure▲ · 1 stocks
Defense & Geopolitical Fragmentation▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks
Space Economy▲ · 1 stocks
Electrification & Mobility▲ · 1 stocks
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