US markets today: Dow, S&P 500, Nasdaq futures indicate mixed open as tech sell-off cues grip global sentiment

CME Group data suggests that the Dow Jones futures were trading 0.3% or 157 points higher at 53,528 points ahead of the opening bell on Tuesday, compared to previous market close.

The data also showed that S&P 500 futures were trading 0.14% or 10.75 points lower at 7,580.50 points ahead of the opening bell, while the Nasdaq 100 futures were trading 0.90% or 270 points lower at 29,671 points on Tuesday, July 7.

Stock market investors were also focused on marginally elevated crude oil prices close to $73 per barrel (bbl), along with a heightened US dollar rate in the market, trading around 100.89, compared to 100.85 at the previous market close.

Key things to know before Wall Street open

US market snapshot

After the trading session on Monday, the Dow Jones Industrial Average closed 0.29% higher at 53,055.91 points, compared to 52,900 points at the previous US market close, according to MarketWatch data.

The benchmark index, S&P 500, ended 0.72% higher at 7,537.43 points on July 6, compared to 7,483.24 points at the previous stock market close.

While the Nasdaq Composite index closed 1.12% higher at 26,121.16 points after Monday’s trading session, compared to 25,832.67 points at the previous stock market close, according to the exchange data.

Global markets snapshot

While the Asian stock indices crashed on Tuesday, July 7, due to the shifting investor sentiment into a major selloff in technology and chipmaking stocks, the benchmark indices in Europe traded on a mixed bag note.

Among the Asian markets, South Korea’s KOSPI crashed more than 8% weighed down by the heavy losses in chipmaking heavyweight stocks like Samsung and SK Hynix as the investors continue to be concerned about the AI chipmaking boom.

Although Samsung predicts a robust upcoming second quarter ahead, reports suggest that the market has already priced in the healthy earnings expectations and the higher predictions somewhat weighed down the prices of tech stocks in Asia.

Other Asian market indices like Japan’s Nikkei 225 (down 2.12%), Hong Kong-based Hang Seng (down 0.5%), China’s Shanghai (down 1.2%) were among the losers, and India’s SENSEX (down 0.13%), while Singapore’s FTSE gained 1.5% on Tuesday.

On the European front, the FTSE 100 ended 0.58% higher, the DAX closed 0.5% lower, the CAC 40 closed 0.38% higher, while Italy’s FTSE MIB ended 0.15% lower after Tuesday’s trading hours.

Stocks in focus

Technology and chipmaking stocks like KLA, Marvell Technology, Broadcom, AMD, Meta Platforms, Nvidia Corp., Micron, Apple among others are set to be in focus of the US stock market investors on July 7.

Gold prices today

At 9:12 am (ET), the New York Mercantile Exchange-based COMEX gold prices were trading 0.29% higher at $4,179.30 per ounce on Tuesday morning in the United States, compared to $4,167.50 per ounce at the previous market close.

Gold prices were trading higher on Tuesday due to the marginal demand for the benchmark US dollar in the market. The precious metal rates have been on a downward streak due to the currency rate impact and the US Federal Reserve’s monetary policy trajectory, and estimates of an upcoming rate hike later this calendar year.