Nasdaq Under Pressure as Semiconductor Stocks Pull Back
S&P futures are lower and the Nasdaq is under greater pressure as semiconductor stocks pull back following a massive multi-week run. AI-driven enthusiasm pushed the S&P 500 and Nasdaq to fresh records yesterday, but investors are now confronting a harder macro backdrop than previously anticipated. The rally ran into hotter inflation fears and fading momentum in the AI trade. Crude is back above $100 as hopes for a durable U.S.-Iran ceasefire continue to deteriorate, with President Trump describing negotiations as being "on life support." Markets are now juggling several variables simultaneously: oil shock risk, sticky inflation, geopolitical escalation, rising yields, and increasingly concentrated equity leadership. Still, the bull case hasn't disappeared. Earnings remain strong overall, labor markets are cooling without collapsing, and AI capital expenditures trends continue to support forward estimates.In pre-market trading, S&P 500 futures fell 0.27%, Nasdaq futures fell 0.7% and Dow futures are flat.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Wendy'sup 15% after Financial TimesTrian Fund Management is seeking investor backing for a bid to take the company privateUP AFTER EARNINGS -Zebra Technologies (ZBRA) up 14%Sea Limitedup 10%SI-Boneup 8%Tencent Musicup 6%Qnity Electronicsup 3%Rigetti Computingup 2%JD.comup 1%DOWN AFTER EARNINGS -ZoomInfodown 33%Hims & Hersdown 15%Under Armourdown 14%GoProdown 6%On Holdingdown 4%LOWER -GameStop'sand eBaydown 2% and 1%, respectively, after eBay announced that the company's board of directors has determined to reject GameStop's unsolicited, non-binding acquisition proposal
