Nasdaq-100 Futures Slide 0.7% as AI Spending Fears and Bank Earnings Weigh
NDX sits 34% above its 52-week low of $22,841.417.
Summary
Nasdaq-100 futures are down 0.7% in early trading as investors digest mixed bank earnings and renewed AI spending concerns. JPMorgan reported a surprise drop in fixed-income trading revenue, while Goldman Sachs beat expectations on equities trading, sending its shares up 3.3%. The bigger worry is China's CXMT narrowing the technology gap with Samsung, SK Hynix, and Micron, threatening pricing power in memory chips. Nvidia, AMD, and Broadcom are all lower premarket. This follows a volatile stretch for the Nasdaq 100, which has seen multiple 1%+ daily swings and entered correction territory in late July. Bank of America's latest survey shows fund managers are the most overweight tech since the COVID rebound, with 45% expecting an AI bubble by 2027.
At the time of this announcement, NDX was trading at $30,664.70 on NASDAQ in the Technology sector. The 52-week trading range was $22,841.42 to $31,361.37. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: CNBC TV18.