Tech news in 3 minutes
S&P 500 futures are little changed as index heads for losing week; Asia markets open broadly lower
S&P 500 futures were little changed Thursday night after a tech-driven sell-off. Nasdaq 100 futures hovered near flat, while Dow futures rose about 0.1%. On Thursday, the Nasdaq Composite fell 0.46%, marking its fourth straight daily loss since February, and the S&P 500 slipped 0.01%. However, a rotation into healthcare, financial, and industrial stocks lifted the Dow by 71.72 points (0.14%). Asia-Pacific markets traded broadly lower early Friday. South Korea's Kospi fell 1.44%, Japan's Nikkei 225 declined 0.88%, and Australia's S&P/ASX 200 edged up 0.17%. Hong Kong Hang Seng index futures pointed to a lower open at 23,005. In Thursday's regular U.S. session, major tech stocks slumped. Apple lost 6% after announcing price hikes on iPads and MacBooks, citing rising demand for memory and storage. Microsoft dropped over 3% after raising Xbox prices due to surging component costs. Alphabet and Meta Platforms also closed lower. Julia Hermann, global market strategist at New York Life Investment Management, said the market is "quite set up to test conviction," noting that current tech leadership—specifically in semiconductors and memory chips—is structurally more volatile than the Magnificent Seven of recent years. She added that an astonishing repricing in Federal Reserve expectations, including the possibility of rate hikes, creates a "recipe for volatility." Thursday's losses compounded the Nasdaq's week-to-date decline of 4.4%, while the S&P 500 is down 1.9%. The Dow, by contrast, has gained 0.7% this week. On Friday morning, traders will watch May's preliminary wholesale inventories and June's final University of Michigan sentiment reading.