US equity index futures moved lower on July 17 as selling pressure in semiconductor stocks intensified, prompting investors to look elsewhere in the market. Nasdaq 100 futures fell more than 2%, while S&P 500 futures dropped more than 1%. Nvidia (NVDA.O) led losses among the “Magnificent Seven” in premarket trading, and the Philadelphia Semiconductor Index was nearing bear market territory, extending Thursday’s weakness. Even so, market breadth remained relatively firm. Although the S&P 500 closed down 0.5% on Thursday, 369 of its components rose versus 132 decliners. Barclays strategist Venu Krishna said enthusiasm around AI capital spending is starting to cool, but semiconductor shares still continue to outperform the broader market, while software stocks remain behind. In his view, the latest market rotation appears gradual rather than decisive. The report was cited by BlockBeats from Jin10.
US stock index futures fell on July 17 as a deeper sell-off in semiconductor names pushed investors to search for opportunities in other parts of the market.
Nasdaq 100 futures were down more than 2%, while S&P 500 futures fell more than 1%. In premarket trading, Nvidia (NVDA.O) led declines among the “Magnificent Seven.” The Philadelphia Semiconductor Index was also close to entering a bear market and was set to extend Thursday’s slide.
Still, the broader market showed signs of resilience beneath the headline move. The S&P 500 closed down 0.5% on Thursday, but 369 constituent stocks advanced while 132 declined, pointing to healthy market breadth.
Barclays strategist Venu Krishna said, "Enthusiasm for AI capital spending is starting to cool, but semiconductor stocks are still clearly outperforming the broader market in share-price performance, while software stocks continue to lag. That suggests the recent market rotation is gradual rather than decisive."
BlockBeats cited Jin10 as the source of the report.
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