Tech Stocks Drag US Futures Down Ahead of Nvidia Earnings and Inflation Data
US stock futures fell on Monday as technology stocks led declines ahead of Nvidia's earnings and other key market events.
The Dow Jones Industrial Average futures dropped 100 points, or 0.2%, while S&P 500 futures declined 0.2% and Nasdaq-100 futures were down 0.6%. Technology shares came under pressure in premarket trading, with the State Street Technology Select Sector SPDR Fund (XLK) falling about 1%, Coherent and Lumentum dropping around 5% each, Sandisk declining 5%, Corning slipping 3%, and Seagate Technology also down 3%.
The weakness follows a broad market pullback last week, with the Dow falling 0.8% to mark its second straight weekly decline, while the S&P 500 and Nasdaq dropped 1.4% and 2%, respectively, snapping three-week winning streaks.
Rising bond yields have remained a key source of pressure on equities, with the yield on the 30-year US Treasury bond reaching nearly two decades high last week, while yields in Japan, France, and Germany also climbed to multi-year highs.