US Stocks-Wall St futures decline as US-Iran escalation rattles sentiment
SPY•Chip stocks and U.S.-listed SK Hynix shares weaken
Memory-chip makers fell sharply, with Micron Technology down 5.3%, while Western Digital, Seagate and Sandisk dropped 5.5%, 4.3% and 6.5%, respectively.
U.S.-listed shares of SK Hynix fell 8.1% after a blockbuster Nasdaq debut on Friday.
iShares Semiconductor ETF fell 2.6%.
"This suggests that the rise in geopolitical tensions and the spike in the oil price are disrupting the momentum trade once again, which will hit the tech trade and the chip stock rally," said Kathleen Brooks, research director at XTB.
At 6:58 a.m. ET, Dow E-minis were down 19 points, or 0.04%, S&P 500 E-minis were down 23.25 points, or 0.31%, and Nasdaq 100 E-minis were down 283.5 points, or 0.94%.
The moves came ahead of a busy week of economic data and corporate earnings that could test the resilience of the U.S. equity rally and the health of corporate America.
