NEW YORK, July 22, 2026, 09:02 EDT
- Nasdaq 100 futures declined 1.00%. S&P 500 futures were down 0.38%, and Dow futures eased 0.19%.
- Brent crude rose 3.53% to $94.22. The yield on the 10-year Treasury hovered close to a two-month peak at 4.63%.
- Alphabet NASDAQ:GOOGL and Tesla NASDAQ:TSLA are scheduled to announce results after markets close. Ahead of the open, Super Micro Computer NASDAQ:SMCI and AT&T NYSE:T were among the top premarket risers.
U.S. cash markets were still in premarket trading at 9:02 a.m. EDT. Standard trading hours will begin at 9:30 a.m. ET.
Futures for the Nasdaq 100 dropped at a rate 2.6 times greater than S&P futures, and their decrease was 5.3 times larger compared to the Dow’s decline. The figures indicate intensified selling focused on technology stocks.
Trading activity on Tuesday showed limited volume support. The Philadelphia Semiconductor Index surged 5.2%, but overall U.S. exchange volume was 17.5% under its 20-day average. The Nasdaq Composite rose 1.29%.
Preliminary quotes at around 8:50 a.m. ET highlighted the growing divide:
| Contract | Level | Change |
|---|---|---|
| Nasdaq 100 futures | 29,021.75 | -1.00% |
| S&P 500 futures | 7,516.75 | -0.38% |
| Dow futures | 52,345 | -0.19% |
| Brent crude | $94.22 | +3.53% |
| WTI crude | $87.18 | +3.37% |
Oil contributed to the broader market pressure. Brent reached $95.47 following threats that affected shipping channels close to two significant energy chokepoints. The spread over three months increased to $10.89, indicating a tighter immediate supply.
Bond markets remained under pressure. The yield on the 10-year Treasury stayed at 4.63%, close to its previous two-month peak. Futures linked to interest rates continued to indicate over a 70% probability that the Federal Reserve will leave rates unchanged next week.
Alphabet and Tesla are up next, with their earnings set to reveal if significant investments in AI are delivering adequate returns. Senior analyst Ipek Ozkardeskaya cautioned that “another wave of selling could hit the semiconductor sector” if the pace of spending decreases. Reuters
Premarket data indicated Intel NASDAQ:INTC dropped 3.7%. Micron Technology NASDAQ:MU slipped 4.1%, and NVIDIA NASDAQ:NVDA declined 1.1%.
The AI sector showed mixed performance. Super Micro gained roughly 13% following disclosure of over $60 billion in new orders for the quarter. Its backlog hit an all-time high for the company.
Initial company estimate: Super Micro projects a gross margin in the 15% to 17% range, up from its earlier outlook of 8.2% to 8.4%. Revenue is expected to be towards the lower end of its guidance between $11 billion and $12.5 billion.
AT&T shares rose approximately 4% after reporting an increase of 432,000 postpaid phone subscribers, about 28% higher than what analysts had forecast. Adjusted earnings were 65 cents a share, compared with expectations for 59 cents.
The gap is targeted. Investors prioritised disclosed margins and subscriber increases, overlooking semiconductor demand that remains tied to upcoming investment. Tuesday’s lightly traded rally in chip stocks will soon contend with a tougher earnings hurdle.
Risks: Premarket quotes serve as indications and might change prior to the cash open. Developments in oil, moves in Treasury yields, and new earnings guidance have the potential to swiftly change the ongoing signal.
Related articles: NASDAQ:GOOGL
