Wall Street set for muted open as tech wobble persists; Tesla gains
SPY•U.S. stock futures pointed to a subdued open, with the Dow and S&P 500 futures up 0.08% and 0.13%, while Nasdaq futures fell 0.20%. Tesla rose 3.3% premarket after unveiling a redesigned Roadster, as AI-related stocks and chipmakers declined.
1. Futures point to subdued open
U.S. stock index futures indicated a muted open as technology shares remained under pressure over concerns about the AI trade. At 8:43 a.m. ET, Dow futures were up 0.08%, S&P 500 futures up 0.13% and Nasdaq 100 futures down 0.20%.
2. Tesla rises, AI shares slip
Tesla gained 3.3% in premarket trading after unveiling a redesigned Roadster powered by rocket-style thrusters and developed with SpaceX. CoreWeave fell 5.5%, while Nebius Group and Iren each dropped more than 3%; Micron Technology fell 2% and Intel declined 1.6%. CoreWeave’s bonds sold off sharply this week, pushing yields above 15%, as investors weighed data centre operators’ debt and profitability.
3. Weekly market picture
The S&P 500 and Nasdaq were on track for weekly losses after an AI-led selloff, mixed big-bank earnings and inflation data weighed on sentiment. The Dow remained on course for a weekly gain. Markets increasingly expect the Federal Reserve to leave interest rates unchanged this month.
