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Stock futures are little changed after Wall Street suffers losing week
Stock futures traded near flat on Sunday evening after the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all posted weekly losses, pressured by a sharp decline in semiconductor stocks that signals continued weakness in the chip sector. S&P 500 futures dipped 0.1%, Nasdaq-100 futures hovered around the flatline, and Dow futures fell 84 points (0.2%). Last week, the S&P 500 dropped 1.6%, the Nasdaq sank 2.9%, and the Dow lost 0.9%. The VanEck Semiconductor ETF (SMH) suffered its third weekly decline in four weeks, losing nearly 9%. BTIG chief market technician Jonathan Krinsky warned that the chip selloff may not be over, stating it is "probably too soon to look for a bottom" despite a possible short-term bounce. Traders also monitored escalating U.S.-Iran tensions over the weekend. U.S. forces attacked Iran for the eighth consecutive night, while Iran intensified airstrikes on American bases. A third U.S. service member was killed, and unidentified remains were found near a July 17 attack in Jordan. Oil futures rose on the conflict: West Texas Intermediate gained 3% to above $85 per barrel, and Brent crude added 3% to above $91. Investors await a busy earnings week, including "Magnificent Seven" members Alphabet and Tesla (reporting Wednesday after the bell) and Intel (Thursday), which fell 13% last week amid the chip rout.