Futures Slide as Oil Prices Rise, Tech Stocks in Focus
Stock futures began September on a weak footing as investors approached the month cautiously after a strong August. The Nasdaq, Dow, and S&P 500 futures all declined, with the Nasdaq falling by 0.6% at 4:30 a.m. ET.
The decline comes amidst rising oil prices and Treasury yields, which have revived concerns about inflation and the Federal Reserve's rate path. President Trump's comments on Iran also added to market tensions, as he ruled out nuclear action against the country but continued to threaten further action.
Several tech stocks are in focus today, including Nvidia (NVDA), which has signed a $35 billion cloud deal with Anthropic. Hut 8 (HUT) shares rose 2% in early premarket trade after news of a 700MW Texas data center campus leased by Nvidia for Lambda's compute infrastructure.
Apple (AAPL) enters a major transition today, with John Ternus officially taking over as CEO from Tim Cook. The company is also involved in a legal fight with OpenAI, and has asked a US court to accelerate discovery, alleging new evidence shows the firm used Apple's trade secrets and attempted to destroy evidence.