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Tech led US stock futures lower on Tuesday, pointing to another downbeat session on Wall Street after AI jitters helped drive back-to-back weekly losses for the broader market.
S&P 500 futures (ES=F) moved down 0.4%, while those on the Nasdaq 100 (NQ=F) sank 0.7% Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, fell 0.3%.
Investors are heading into shortened week of trading after US markets were closed Monday in observance of Presidents Day.
On Friday, the tech-heavy Nasdaq Composite (^IXIC) booked a fifth straight weekly drop for its longest losing streak since 2022. The Dow (^DJI) and S&P 500 (^GSPC) have now fallen in four of the past five weeks.
Losses have been driven by worries about artificial intelligence and its ability to disrupt different industries, with everything from wealth management to transportation to logistics coming under scrutiny.
Concerns about economic growth and broader sector disruption overshadowed a cooler-than-expected January inflation report released Friday. Consumer price index data came in below estimates, providing some relief on price pressures.
Investors will look for further insight into inflation this week with the release of the Personal Consumption Expenditures index, scheduled for release Friday. Minutes from the Fed’s latest policy meeting are due Wednesday while questions circulate around a purported “loyalty pledge” signed by Kevin Warsh, Trump’s pick for the next Fed chair.
In corporate news, Walmart (WMT), DoorDash (DASH), and Malson Coors (TAP) are all slated to post earnings results throughout the week.
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Bloomberg reports:
