Stock futures were mixed Tuesday after a sell-off in favored technology names led the Nasdaq Composite to its worst day since April. Nasdaq-100 futures climbed 0.4%, while S&P 500 futures gained 0.2%. Futures tied to the Dow Jones Industrial Average fell 70 points, or 0.2%. Nvidia shares were up more than 3%. In the previous session, the stock dropped more than 6% to mark its biggest one-day slide since April 19 — when it lost 10%. The latest decline pushed the AI darling deeper into correction territory, down 16% from an intraday record set last week. Other semiconductor stocks were also under pressure on Monday, including Super Micro Computer, Qualcomm and Broadcom. Nvidia’s losses pushed the Nasdaq Composite down more than 1% on Monday, its biggest one-day loss since April. The Nasdaq-100 also suffered its worst day since April, as investors rotated out of chipmakers. This inter-market shift boosted the Dow by more than 200 points, making it the lone U.S. stock benchmark to post a gain in the previous session. But the recent sell-off in semis isn’t anything alarming given historical patterns. Renaissance Macro Research’s Jeff de Graaf told CNBC’s “Closing Bell” Monday that the summer is typically a tough time sector, noting that the third quarter typically registers as the worst period for the industry. “The good news is I think Nvidia is still in the long-term uptrend,” he said. “I think these corrections probably prove to be buyable. You just have to temper that sentiment.” In premarket trading Tuesday, SolarEdge Technologies sank 13% after announcing plans for a $300 million private offering of convertible notes, while Pool Corp dropped 11% after adjusting its guidance downward. U.S. Treasury yields were ticked down on Tuesday as investors looked ahead to key economic data slated for the week, including fresh inflation insights. At 8:00 a.m. ET, the 10-year Treasury yield was down by 4 basis points at 4.215%. The yield on the 2-year Treasury was 1 basis point lower at 4.723%. Mainland China’s CSI 300 closed at its lowest since Feb. 28 on Tuesday, while most Asia-Pacific markets rose. The index dropped 0.54% to 3,457.90 — a near four-month low — while Hong Kong’s Hang Seng index was trading flat in its final hour. Japan’s Nikkei 225 closed 0.95% higher at 39,173.15 while the broad-based Topix rose 1.72%, leading gains in Asia and closing at 2,787.37 — its highest in three weeks. South Korea’s Kospi climbed 0.35% to 2,774.39 while the small-cap Kosdaq closed marginally higher at 841.99, snapping a three-day losing streak. The Taiwan Weighted Index reversed losses, advancing 0.27% to 22,875.97. Australia’s S&P/ASX 200 closed 1.36% higher at 7,838.8. Crude oil futures fell Tuesday as the recent rally took a breather, with traders watching for summer fuel demand and tensions on the Israel-Lebanon border. U.S. crude oil and global benchmark Brent are ahead by 5.5% and 4.9%, respectively, for the month as prices have bounced back from May doldrums on a more optimistic outlook for summer fuel demand. West Texas Intermediate August contract: $81.27 per barrel, down 38 cents, or 0.47%. Year to date, U.S. oil has gained 13.4%. Brent August contract: $85.66 per barrel, down 35 cents, or 0.41%. Year to date, the global benchmark is ahead by 11.2%. Gold prices were steady on Tuesday as Western investors were waiting for the U.S. inflation data due later this week for more certainty on the timing of future U.S. rate cuts, while weaker Chinese currency was supporting demand in Asia. Spot gold was unchanged at $2,332.30 per ounce by 0934 GMT. The non-yielding bullion is down 5% from a record high of $2,449.89 per ounce touched on May 20 amid a rally which happened against traditional headwinds such as a strong dollar and high interest rates.
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