U.S. stocks set for lower open as Iran stalemate lifts oil, yields
SPY•Home Depot offsets some pressure
Home Depot gained 2% after the home-improvement retailer beat Wall Street estimates for second-quarter sales, keeping Dow futures flat. Retail bellwether Walmart is set to report on Thursday.
At 08:23 a.m. ET, Dow E-minis were down 37 points, or 0.07%, S&P 500 E-minis were down 33 points, or 0.42%, and Nasdaq 100 E-minis were down 351.5 points, or 1.17%.
Strong earnings across several sectors, including some AI hyperscalers, had lifted the S&P 500 and the blue-chip Dow to all-time highs earlier this month. The next test for the AI trade could be Nvidia's earnings, due next week.
U.S. technology stocks have seen immense volatility in the past few months as investors remain nervous about whether hefty AI spending is paying off or not.
The benchmark S&P 500 closed lower in the previous session, backing away from record highs as higher crude oil prices revived inflation worries.
