S&P 500, Dow Futures Climb As Markets Look Past Big Tech Declines, Hotter-Than-Expected Inflation: AAPL, MSFT, BABA, MSTR, SNDK, FIG In Focus

• On Thursday, Apple plunged more than 6% after announcing price increases for iPads and MacBooks.

• Microsoft also declined by more than 3% after hiking prices on its Xbox gaming consoles.

• Meanwhile, reports emerged on fresh tensions in the Strait of Hormuz after Iran reportedly attacked a cargo vessel near Oman on Thursday.

U.S. stock futures were mixed in the overnight session late Thursday, weighed by deepening declines in technology stocks and a Personal Consumption Expenditures (PCE) Index reading that hit a 31-month high.

S&P 500 futures gained 0.03% and Dow futures were up 0.21%. Meanwhile, Nasdaq 100 futures declined 0.20% at 9:20 PM EDT.

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Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ) edged lower at the time of writing, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) traded higher. The iShares 20+ Year Treasury Bond ETF (TLT) was trading down 0.07% amid ‘bullish’ sentiment.

How Did US Markets Fare On Thursday?

Stock markets were a mixed bag on Thursday amid a slump in big tech names. The Dow Jones Industrial Average index added more than 70 points to close up 0.14%, while the S&P 500 ended flat. Meanwhile, the Nasdaq Composite index shed 118 points, down 0.46%, amid broader tech weakness.

The Dow is now headed for three consecutive weeks in the green, bolstered by gains in sectors such as industrials, financials, and healthcare. Meanwhile, the Nasdaq is headed for a third week of declines amid sustained tech weakness. The S&P 500 is also poised to end the week lower.

US Market Drivers

U.S. stock markets are largely headed for a month in the red amid a downbeat streak for technology names.

On Thursday in particular, Apple Inc. (AAPL) shares extended four consecutive days of declines and plunged more than 6% after it announced an increase in iPad and MacBook prices, citing soaring memory and storage chip costs driven by the AI data center boom.

Microsoft Corp. (MSFT) also declined by more than 3% after hiking prices on its Xbox gaming consoles, citing surging component costs. Following the announcement, Stifel lowered its price target on Microsoft to $400 from $415, while maintaining a Hold rating on the stock.

Amazon.com (AMZN) fell more than 3%, Meta Platforms (META) fell by over 2%, and several other tech giants, including the remaining “Magnificent Seven” stocks, also ended Thursday’s session in the red.