Nasdaq 100 futures slip as oil rally and AI stock weakness pressure tech sentiment

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Nasdaq 100 futures slip on oil, AI

Highlights

Nasdaq 100 futures fall 0.5% and S&P 500 E-minis slip 0.09% as tech sentiment weakens, driven by AI stock declines and oil price surge.
Brent crude rises 1.7% to about $111 a barrel, hitting a near five-month high amid Houthi attacks and Gulf vessel disruptions, exacerbating equity pressure.
Elice Group plunges nearly 30% below IPO price on debut after raising 201.1 billion won ($151.12 million), signaling heightened investor scrutiny of new AI listings.

Premarket moves and earnings focus

As reported by Reuters, Nasdaq 100 futures are down 0.5% at 05:20 a.m. ET, while S&P 500 E-minis are off 0.09% and Dow E-minis are up 0.22%, as traders prepare for a busy round of corporate earnings.

CoreWeave drops 3.1% in premarket trading, Nebius Group loses 2.9%, Apple falls 1% and Nvidia edges lower. The moves follow a brief rebound on Monday, when the S&P 500 and Nasdaq advanced as investors bought back into technology stocks after last week's sharp selloff tied partly to concerns over CoreWeave's debt load and the cost of financing the AI buildout.

Ion Jauregui, an analyst at ActivTrades, says he sees the latest pullback as a dip within a selective market rather than a broad AI buying opportunity or the start of a deeper repricing. His comments suggest investors are becoming more discriminating about AI-related companies than they were a year ago.

Markets are now watching earnings from SpaceX and Netflix due after Tuesday's close, with Meta Platforms and Tesla scheduled to report on Wednesday. Before the opening bell, General Motors, Hasbro, Halliburton and 3M are among the companies due to post results.

Oil prices and company-specific moves shape risk appetite

Brent crude rises 1.7% to about $111 a barrel, near a five-month high, as traders add a geopolitical risk premium linked to Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. The move in energy prices adds another layer of pressure for equity investors already weighing rate-sensitive technology valuations.

Elsewhere, South Korean AI infrastructure company Elice Group tumbles nearly 30% in its market debut, falling below its IPO price after raising 201.1 billion won, or $151.12 million, in the offering.

Among individual U.S. stocks, 3M rises 3.9% after saying it is expanding its commercial relationship with Amazon and has issued a warrant to an Amazon subsidiary to buy more than $521 million worth of 3M common stock. Steel Dynamics falls 6.3% after the steelmaker misses third-quarter profit estimates.

In our earlier coverage of the AI-linked tech selloff, we noted that shares tied to semiconductors, data centers and AI infrastructure financing came under broad pressure as investors reassessed lofty valuations. We also highlighted how oil around $110 a barrel added inflation and Fed-rate uncertainty, raising financing-cost concerns and deepening market volatility.

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