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S&P 500 futures are little changed after tech sell-off drags down broad market index
S&P 500 futures traded near flat on Monday night after a tech-driven sell-off dragged the broad market index lower. S&P 500 futures lost 0.1%, Nasdaq 100 futures slid 0.2%, while Dow Jones Industrial Average futures rose 22 points (less than 0.1%). In regular trading, the S&P 500 fell 0.37%, the Nasdaq Composite dropped 1.32%, but the Dow gained 148.01 points (0.29%) boosted by Caterpillar. Asia-Pacific markets were set to open higher Tuesday as investors welcomed signs of progress in U.S.-Iran negotiations. Japan's Nikkei 225 futures pointed to gains, with the Chicago contract at 73,020 and Osaka at 73,090, versus the previous close of 72,353.96. Hong Kong Hang Seng index futures stood at 23,830, above the last close of 23,768.52. Australian futures traded at 8,831, compared with the S&P/ASX 200's close of 8,816.10. On Monday, investors rotated out of "Magnificent Seven" stocks: Amazon dropped nearly 5%, Meta Platforms fell 2%, and Alphabet slipped 5%—its worst day in over a year—amid brain drain concerns after two high-profile AI researchers departed for rivals. Elon Musk's SpaceX dropped 16%, marking its third straight negative session. Liz Ann Sonders, chief investment strategist at Charles Schwab, noted on CNBC that retail traders remain focused on AI and tech but are shifting from individual stocks to ETFs. She added that corporate earnings are the key support for stocks. Oil prices slipped Monday after mediators Qatar and Pakistan announced that the U.S. and Iran made progress in Switzerland talks toward a final deal within 60 days, including establishing a committee and ending military operations in Lebanon. The U.S. Treasury later authorized Iranian oil sales through August, pushing oil to session lows. Carnival and Korn Ferry will report earnings before Tuesday's opening bell. Traders will also watch June's preliminary S&P Global PMI manufacturing and services readings.