Stock Index Futures Slip as Chip Selloff Resumes, Fed Speak on Tap

Price ActionMacro
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Summary · why it matters

U.S. stock index futures declined as a renewed selloff in chipmakers weighed on the tech sector, with investors also awaiting comments from Federal Reserve officials. September S&P 500 E-Mini futures fell 0.51% and Nasdaq 100 E-Mini futures dropped 1.18%, led by pre-market losses in Sandisk and Micron Technology of over 5% and Western Digital of more than 4%. The weakness followed a selloff in Samsung Electronics and SK Hynix that triggered a second trading halt in Seoul within days, amid concerns that price hikes by Apple and Microsoft could dampen chip demand. A New York Times report that OpenAI may postpone its IPO until 2027 further pressured sentiment. WTI crude fell over 3% as traffic continued through the Strait of Hormuz, while the 10-year Treasury yield slipped two basis points to 4.38%. Investors are looking ahead to the final June reading of the University of Michigan consumer sentiment index and speeches from New York Fed President John Williams and Minneapolis Fed President Neel Kashkari.

Impact on stocks 13

Semiconductors · 4 stocks
SK Hynix Inc
000660
▼ NegativeDemandrelevance

Concerns that Apple and Microsoft price hikes could dampen chip demand, triggering a selloff in SK Hynix.

Micron Technology Inc
MU
▼ NegativeDemandrelevance

Micron shares fell over 5% on concerns that price hikes by Apple and Microsoft could dampen chip demand.

Sandisk Corp
SNDK
▼ NegativeDemandrelevance

Sandisk shares fell over 5% on concerns that price hikes by Apple and Microsoft could dampen chip demand.

Artificial Intelligence · 4 stocks
Samsung Electronics Co Ltd
005930
▼ NegativeDemandrelevance

Concerns that Apple and Microsoft price hikes could dampen chip demand, triggering a selloff in Samsung Electronics.

Apple Inc.
AAPL
▼ NegativePricingrelevance

Apple's price hikes could dampen chip demand, indirectly affecting its own sales if higher prices reduce consumer spending.

Microsoft Corporation
MSFT
▼ NegativePricingrelevance

Microsoft's price hikes could dampen chip demand, indirectly affecting its own sales if higher prices reduce consumer spending.

Cloud & Digital Infrastructure · 2 stocks
Western Digital Corporation
WDC
▼ NegativeDemandrelevance

Western Digital shares fell over 4% on concerns that price hikes by Apple and Microsoft could dampen chip demand.

Energy Transition & Power Demand · 1 stocks
Consumer Discretionary · 1 stocks
Biotech & Genomic Medicine · 1 stocks

Off-coverage companies 1

OpenAIPrivate▼ Negative
Capitalrelevance

NYT report that OpenAI may postpone its IPO until 2027, pressuring sentiment.