Nasdaq Futures Drop 0.8% as Oil Holds Above $107 and Rate Hike Odds Top 70%
IXIC sits 31% above its 52-week low of $20,690.249.
Summary
Nasdaq futures are down 0.8% in premarket trading as Brent crude holds above $107 a barrel and markets price in a 70%+ chance of a Fed rate hike in October. This follows a week of oil-driven volatility, with the index having recovered from a four-day slide only to face renewed pressure from energy costs and tightening expectations. European futures are modestly higher, but semiconductor names like Infineon, ASML, and STMicro are down over 1% premarket, signaling tech weakness. The rejection of an Iranian proposal to reopen the Strait of Hormuz keeps supply risks elevated, directly impacting inflation and rate path assumptions. Traders will watch the Fed's October meeting for confirmation of the hike, with any further oil spike likely to deepen the tech selloff.
At the time of this announcement, IXIC was trading at $27,068.72 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.