Wall Street futures subdued as tech wobbles again; Tesla gains
SPY•U.S. stock futures were mixed as AI-related technology shares fell, while Tesla rose 3% after unveiling a redesigned Roadster. Dow futures slipped 0.04%, S&P 500 futures gained 0.04% and Nasdaq 100 futures fell 0.28%.
1. Futures mixed
U.S. stock index futures were muted on Friday as technology shares faced renewed pressure over concerns about AI-related financing and profitability. Tesla rose 3% in premarket trading after unveiling a redesigned Roadster developed with SpaceX; SpaceX gained 1.2%.
2. AI shares fall
CoreWeave slipped 5.2%, while Nebius Group and Iren fell more than 2.8% each. Micron Technology dropped 2.6% and Intel fell 1.4%. Investors are concerned that data center operators may not become profitable in time to repay debt, as borrowing costs are expected to rise. The S&P 500 and Nasdaq were set for weekly losses, while the Dow remained on track for a weekly gain.
3. Inflation and oil
Oil prices fell nearly 1%, though Brent crude remained above $100 a barrel. Hotter-than-expected consumer and producer inflation reports this week reinforced concerns that price pressures are broadening beyond energy. Markets increasingly expect the Federal Reserve to leave interest rates unchanged this month.
