FX.co ★ US Futures Hold Mixed Momentum

US equity index futures traded mixed on Thursday as volatility in speculative chip stocks contrasted with steadier moves in sectors more tied to financial conditions. Futures on the S&P 500 and Dow were little changed, while Nasdaq 100 contracts fell 1%.

Semiconductor producers slumped, mirroring declines in Asian peers amid skepticism that AI hyperscalers will sustain current levels of capital expenditure in coming quarters. Sentiment toward the sector was further hit by South Korea’s ban on leveraged ETFs and indications from ASML of more efficient chipmaking equipment that could dampen future demand. Micron slid 4%, while Nvidia, AMD, SanDisk, and Broadcom each fell roughly 3%.

Outside of chips, broader market segments were more resilient. UnitedHealth rallied 7% in premarket trading after posting stronger-than-expected June-quarter results and raising its full-year guidance. Eli Lilly edged higher following its $2.8 billion acquisition of AtaiBeckley. Banks also traded higher this week, supported by solid earnings reports.

In contrast, GE Aerospace dropped 4% after releasing its latest results.