Stock futures opened the week slightly lower on Monday as technology shares came under pressure, adding to concerns among investors after Wall Street posted losses last week. Dow Jones Industrial Average futures slipped 11 points, while S&P 500 and Nasdaq-100 futures fell 0.1% and 0.5%, respectively, as elevated Treasury yields continued to weigh on market sentiment.
Technology stocks were among the biggest early decliners. The State Street Technology Select Sector ETF fell nearly 1% in premarket trading, while Coherent dropped 5% and Lumentum declined 4.5%. Sandisk lost about 4%, while Corning and Seagate each fell roughly 3%. The weakness follows a difficult week for major U.S. indexes, with the Dow dropping 0.8%, the S&P 500 falling 1.4% and the Nasdaq sliding 2%.
The pressure has also spread across global markets as bond yields climb to multi-year highs. The 30-year U.S. Treasury yield moved above 5.3% last week, reaching levels not seen in nearly two decades. Asian markets were similarly mixed, with Japan’s Nikkei 225 falling 0.74%, South Korea’s Kospi dropping 3.12% and China’s CSI 300 declining 1.21%, while Australia’s S&P/ASX 200 gained 0.49%.
Investors are also watching developments surrounding the U.S.-Iran conflict, with fears that a prolonged war could keep oil prices elevated and add to inflationary pressure. Treasury Secretary Scott Bessent announced measures aimed at stabilizing the long end of the U.S. yield curve, but the boost to markets was short-lived. Attention is now turning to fresh U.S. inflation data, with the July personal consumption expenditures price index due Wednesday, as well as the Federal Reserve’s annual Jackson Hole symposium, where Chairman Kevin Warsh is expected to speak.
Artificial intelligence stocks will also take center stage this week as investors await earnings from Nvidia and Marvell Technology. Nvidia’s results will be closely watched following reports that the company has informed customers that servers powered by its Vera Rubin and Blackwell chips could see price increases of more than 15%. With markets already facing pressure from high borrowing costs and inflation concerns, investors will be looking for signs that technology and AI demand can continue to support the broader market.
source: cnbc
