S&P 500, Nasdaq Futures Slip as Tech Selloff Resumes, Oil Jumps Above $110

3-line summary

• US stock futures were mixed as of 6:48am ET Tuesday: S&P 500 futures fell 7 points (0.1%), Nasdaq 100 futures dropped 129 points (0.4%), while Dow futures rose 111 points (0.2%); Brent crude traded above $111 a barrel, near Monday's five-month high, after Iran's first vice president vowed to exercise "sovereignty" over the Strait of Hormuz, reigniting the rally that had briefly eased on reports of possible US-Iran talks, with continued ship attacks in the strait also slowing oil flows.
• Monday's close: the S&P 500 rose 0.41%, the Nasdaq Composite gained 1.11% (its best day in two weeks), and the Dow fell 0.07%, snapping the semiconductor index's eight-session losing streak-though Deutsche Bank noted about two-thirds of S&P 500 constituents actually fell, with heavy tech weighting driving the index gain.
• The tech rebound proved fragile: AI-related stocks, which had plunged on concerns over debt-funded investment and rising borrowing costs, slipped again Tuesday morning; neocloud firm CoreWeave fell premarket on debt concerns as HSBC reaffirmed a "reduce" rating, and reports that OpenAI is rushing to raise funding ahead of a potential Anthropic IPO added to AI-sector unease, while South Korea's Elice Group continued falling after its listing debut. GE Aerospace, Northrop Grumman, and 3M rose on results and partnership news; GM and ABB fell; SpaceX and Netflix report after the close.

This summary is our own processing of the source article; see the source link below for full context.