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Pre-Market Performance
U.S. equity futures were under pressure, led by growth and technology shares. Nasdaq 100 futures fell 436.50 points, or 1.50%, to 28,680.50; S&P 500 futures declined 69.75 points, or 0.94%, to 7,323.00; and Dow Jones futures dropped 423.00 points, or 0.83%, to 50,486.00.
European markets also traded lower. The FTSE 100 was down 46.17 points, or 0.45%, at 10,181.16 (intraday range 10,127.60–10,253.03); France’s CAC 40 fell 37.41 points, or 0.46%, to 8,166.02 (range 8,113.00–8,240.63); and Germany’s DAX declined 213.42 points, or 0.87%, to 24,219.64 (range 24,043.52–24,517.48).
In commodities and currencies, crude oil firmed while gold weakened. WTI crude traded around $88.76, up $0.56, or 0.63%, and Brent crude traded around $92.00, up $0.55, or 0.60%. Gold fell $87.25, or 2.04%, to $4,199.15, while the U.S. Dollar Index edged up 0.048, or 0.05%, to 99.937.
Hot News
- Technology selling weighs on U.S. futures: Tech and AI-linked shares extended recent losses amid renewed U.S.-Iran tensions and concerns that elevated valuations could trigger another rotation out of high-growth names.
- Oil rises while gold falls: Oil moved higher on revived supply-risk concerns tied to U.S.-Iran hostilities, while gold declined as a firmer dollar and higher-rate expectations weighed on precious metals.
- SpaceX IPO valuation becomes a market sentiment test: Expectations of a record-scale SpaceX listing (discussed near a ~$1.75 trillion valuation) are testing risk appetite for high-growth technology and aerospace names.
- OpenAI data-center talks highlight AI infrastructure demand: Reports that OpenAI is in talks to lease a proposed 10-gigawatt data-center campus in Ohio, potentially with Nvidia backing, keep AI infrastructure spending in focus despite valuation pressure on chip and cloud-linked equities.
U.S. Stock Focus
- Nvidia — AI leader pressured despite data-center headlines: Nvidia traded lower pre-market as chip stocks sold off (the group was broadly down roughly 2% to 3.6%), though it remains central to the AI infrastructure narrative amid reports linking it to the OpenAI data-center talks.
- Broadcom — valuation concerns continue to pressure chip sentiment: Broadcom was among semiconductors trading lower as investors weigh outlook and a broader AI-chip valuation reset.
- Micron Technology — memory shares caught in chip selloff: Micron also declined as traders trimmed exposure to semiconductor names, reflecting renewed caution about AI-related hardware demand.
- Apple — Siri AI rollout faces EU regulatory setback: The European Commission said Apple decided not to roll out its new Siri AI tool in the EU after failing to secure an exemption from interoperability obligations, adding scrutiny to its AI plans post-WWDC.
- Nike — shares slip after RBC downgrade: Nike fell about 1.6% in pre-market trading after RBC downgraded the stock to sector perform from outperform, adding pressure to a demand-sensitive consumer name.
- Starbucks — Japan business options under review: Starbucks is reportedly considering strategic options for its Japan unit, including a potential stake sale or IPO, with a stake sale possibly valued around $2.5 billion to $3 billion.
- Oracle — fiscal Q4 earnings due after the close: Oracle reports fiscal Q4 results after the close with consensus expectations near $1.95 in EPS and $19.1 billion in revenue; investors will watch cloud growth, AI backlog conversion, and capital spending.
- Chewy — options market prices elevated earnings move: Chewy reports fiscal Q1 before the open; options imply a potential ~11% move, with focus on active-customer trends, Autoship momentum, and profitability.
- Core & Main — fiscal Q1 results scheduled before the open: Core & Main will report results for the period ended May 3, 2026; investors will watch infrastructure demand, margin trends, and municipal/utility spending.
- Navan — earnings volatility expected after the close: Navan reports after the close with options implying a potential ~11% move; attention will be on travel-and-expense software demand and revenue growth.
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