Big Expectations for Prime Day: 8 Key Items Shaping the Stock Market Tuesday
Tech slumping, Nvidia’s latest win, June Flash PMI on deck, and other headlines are moving stocks this morning.
These are the early headlines and other items poised to influence the market at the start of trading Tuesday. As we share this collection of market drivers, U.S. equity futures point to a weak market open.
1. The tech selloff is accelerating, with futures on the Nasdaq 100 tumbling more than 2%. Alphabet, Nvidia and Oracle are all sharply lower in premarket trading, following steep losses in Big Tech stocks yesterday. Asian markets slumped, with South Korea’s Kospi diving 10%, weighed down by chip makers such as Samsung Electronics. European indexes are also in the red, with Dutch tech champion ASML retreating 5%. The artificial-intelligence rally has gone in reverse in recent days, prompted by jitters over AI companies’ heavy spending and looming Federal Reserve interest-rate hikes…