United States equity futures edged higher on Thursday night (Friday AEST) following a tech-led decline on Wall Street that left major indices mixed and the Nasdaq under pressure.
By 10:15 am AEST (12:15 am GMT), Dow futures were up 0.2%, while both S&P 500 futures and Nasdaq 100 futures added 0.1%.
Investors continued to rotate out of large-cap technology stocks during Thursday’s session, dragging the Nasdaq Composite down 0.5% and extending its losing streak to four consecutive sessions, the longest since February.
The S&P 500 slipped marginally by 0.01%, while the Dow Jones Industrial Average ticked up 0.1%.
Among individual stocks, Apple fell 6% after announcing price increases for iPads and MacBooks, citing higher demand-driven costs for memory and storage components.
Microsoft dropped more than 3% after raising prices on Xbox gaming consoles due to surging component costs.
Alphabet and Meta Platforms also finished lower as sentiment in mega-cap technology weakened.
The weakness in technology stocks added to broader weekly declines for the Nasdaq Composite, which is on track to fall 4.4% for the week. The S&P 500 is down 1.9% over the same period, while the Dow has outperformed, posting a 0.7% weekly gain.
The divergence highlights a continued sector rotation away from high-growth technology names into more defensive and cyclical areas of the market.
Looking ahead, traders will focus on the release of May’s preliminary wholesale inventories and the final June reading of the University of Michigan consumer sentiment index, which will provide further insight into U.S. economic momentum and household confidence.
