US stock futures sank as Wall Street digested a downbeat week for tech stocks.
Futures attached to the Dow Jones Industrial Average (YM=F) ticked down 0.2%. Futures attached to the benchmark S&P 500 (ES=F) slid 0.7%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) dropped 1.4%.
In day trading on Thursday, the tech-heavy Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) slipped for the fourth straight time this week.
The tech trade is under pressure as mounting anticipation of a Federal Reserve rate hike this year meets concerns about lofty AI valuations and spending. A hot reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, contributed to the slump in sentiment.
Meanwhile, although oil prices have fallen since the US and Iran’s struck a 60-day ceasefire, negotiations on protracted issues remain uncertain, and reports of turmoil in the Strait of Hormuz continue to emerge.
