Tech sell-off causes US stock futures to stagnate, focus shifts to upcoming inflation data

From Investing.com: 2024-06-24 19:53:25

U.S. stock index futures stagnate after tech sell-off, focus shifts to upcoming inflation reading. Dow futures flat at 25,517.25 points, Nasdaq futures rise slightly to 19,763.75 points, S&P 500 futures higher at 2,868.0 points.

Wall Street reels from Nvidia, chipmaking losses as stock indexes suffer. Nvidia stock takes a hit, down 6.7% after stellar rally, remains positive for the year. Chipmaking peers Broadcom, TSMC, Qualcomm show stabilization after Monday tumble. Micron Technology faces loss ahead of earnings.

Investors pivot away from tech to anticipation of PCE inflation data. Focus on Friday’s reading, expected to show slight cooling but remain above 2% target range. Sticky inflation may delay potential Fed rate cuts, impacting stock markets. Previous rate cut expectations drove Wall Street surge.

Aftermarket movers see Birkenstock sliding by 5% on shareholder share sale plans. SolarEdge drops 13.4% post-announcement of $300 million new debt offering. Markets react to speculation and strategic financial moves.



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