FX.co ★ US Futures Steady After Tech-Led Selloff

US stock futures were little changed on Wednesday after major indexes sank in the prior session, pressured by heavy selling in semiconductor and other technology shares. Sentiment was further weighed down by rising global bond yields and higher oil prices, with the 30-year US Treasury yield climbing this week to its highest level in 19 years.

On the geopolitical front, the US and Iran showed few signs of progress toward an agreement that would end the conflict and allow for a near-term reopening of the Strait of Hormuz.

In Tuesday’s cash session, the Dow Jones Industrial Average slipped 0.22%, the S&P 500 lost 0.69% and the Nasdaq Composite dropped 1.33%, marking a third straight decline for all three benchmarks. AI-exposed chipmakers posted sharp losses, including Micron (-7%), SanDisk (-9%), Nvidia (-2.3%), Intel (-6.6%) and AMD (-4.3%).

Investors are now looking ahead to the minutes from the Federal Reserve’s July policy meeting, as well as earnings results from major retailers including Target, TJX and Lowe’s.