2026.07.0111:30:01UTC+00US Futures Trim Week's Rally

Futures tracking US equity benchmarks pared this week’s strong gains as investors reassessed the durability of the AI-driven rally and the risk of a Federal Reserve rate hike later this year. S&P 500 and Nasdaq 100 futures slipped 0.5%, while Dow futures fell about 100 points from yesterday’s record high.

Semiconductor stocks, which had powered much of this week’s advance and reignited enthusiasm for the AI theme despite persistent warnings about excessive positioning in the sector, traded lower in premarket action. Micron and SanDisk each declined more than 2%.

Among the mega-cap “Magnificent 7” hyperscalers, most held onto this week’s rebound after having sharply lagged AI infrastructure names since mid-May. Shares of Meta, Microsoft, Amazon, and Alphabet hovered near the flatline.

Performance across the broader economic sectors was mixed. Treasury yields extended their recent climb on growing concerns that the Fed may have to tighten policy further before year-end. In corporate earnings, Nike fell 3% after issuing a cautious outlook, citing rising consumer anxiety.