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S&P 500 futures fell Thursday as traders dumped chip stocks following an underwhelming report from Broadcom, while they also monitored the latest developments in the Middle East.
Futures for the Dow Jones Industrials regained 300 points, or 0.6%, to 51,101.
Futures for the much broader index dipped 33.5 points, or 0.5%, to 7,638.25.
Futures for the NASDAQ Composite slumped 378.75 points, or 1.2%, to 30,257.50.
Shares of Broadcom traded 13% lower after the chipmaker reported a fiscal second-quarter revenue miss. Cybersecurity stock CrowdStrike also fell 10% after giving lackluster second-quarter revenue guidance.
Semiconductor names, which led the latest leg higher in the market’s rally to record levels, fell broadly.
Arm Holdings, Micron Technology and Marvell Technology were also down around 6% each.
Thursday’s moves follow a losing day on Wall Street, with stocks pressured by rising tensions in the Middle East.
Attacks escalated between the U.S. and Iran. Iran struck Kuwait International Airport early Wednesday, while one day earlier U.S. Central Command said it had defeated multiple Iranian ballistic missiles and drones, and carried out “self-defense strikes” on Qeshm Island in the Persian Gulf. It said that this was in response to “attempted attacks” by Tehran.
In Japan, the Nikkei 225 dived 1.4% Thursday, while in Hong Kong, the Hang Seng shook off 1.5%.
Oil prices went down $1.65 to $94.37 U.S. a barrel.
Gold prices rebounded $40.10 to $4,507 U.S an ounce.
