NASDAQ Futures Slip on AI Anxiety

Dow Jones08-06

Anxieties about the AI trade are front and center again this morning.

Tech stocks sold off after results from Sandisk and Western Digital--while both showing strong growth--failed to live up to investors' lofty expectations. Shares of both data-storage giants fell sharply in premarket trading.

The selloff trickled into other AI-linked stocks and weighed on tech-focused Nasdaq-100 futures. Dow contracts are edging higher following the index's record close Wednesday.

Investors are also bracing today for potential volatility in SpaceX shares. A post-IPO lockup on more than 900 million shares held by some employees and early investors is set to end, meaning the stock can now be sold.

Meanwhile, oil prices are subdued as investors await updates from the Middle East. Iran and Oman on Wednesday were finalizing a draft agreement to reopen the Strait of Hormuz.

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