S&P 500 futures drop 1% due to global chipmakers slump

From Yahoo Finance: 2024-07-17 07:30:26

US politicians taking a harder stance on China and Taiwan caused a pullback in technology shares, with S&P 500 futures falling 1%. Nvidia, AMD, Broadcom, and ASML Holding saw declines in pre-market trading. The dollar weakened, while 10-year Treasury yields rose. The Biden administration may impose severe trade restrictions on companies providing China access to advanced semiconductor tech. Trump questioned the US’s duty to defend Taiwan. The move in stocks follows a strong run, fueled by soft inflation and optimism for Fed rate cuts. Eurozone CPI, US housing data, Fed Beige Book, and ECB rate decision are key events this week.

Adidas raises profit target, Roche Holding reports promising weight-loss pill study results. S&P 500 futures fell 1%, Nasdaq 100 futures fell 1.5%, and Dow Jones futures fell 0.3%. Eurozone CPI, US housing starts, industrial production, Fed Beige Book, and ECB rate decision are key events this week. The Bloomberg Dollar Spot Index fell 0.3%, the euro rose, the pound rose. Bitcoin rose to $65,023.44, Ether rose to $3,466.42. US 10-year Treasury yield advanced to 4.17%, Germany’s 10-year yield unchanged, Britain’s 10-year yield advanced.



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