US stock futures lower as Broadcom shares tumble
S&P 500 futures are down 24 points, or 0.3%, ahead of the open. The loss comes despite comments from President Trump saying the US is in the middle of final negotiations to end the Iran war.
For context, Trump made the comment in a post about a House resolution (that passed) to end the war. He said:
"Yesterday, in a meaningless vote, the House voted, 4 bad Republicans and all of the Dumocrats, to limit my War Powers, right in the middle of my final negotiations to end the War with the Islamic Republic of Iran."
Oil moved sharply lower on his comments and rebounded only slightly when Hezbollah's leader in Lebanon said he rejected a ceasefire while Israeli troops operate in Southern Lebanon.
WTI crude was last down $3.62 to $92.55 and that should help a portion of the market.
The portion that's hurting is tech and it's led by Broadcom. Yesterday's post-market earnings report was slightly ahead of expectations but slightly isn't enough after the market has had a huge runup. In response, shares of Broadcom are down nearly 15% in the pre-market in a massive wipeout of market cap in one of the world's largest companies.
That miss has spilled over into some other hot names, including recent market darling Marvell, which is down 5.8%. The shares shot higher this week after Nvidia's Jensen Huang said it will be the next trillion-dollar company. As for NVDA, it reversed lower earlier in the week and is down 0.4% pre-market.
Another loser is Micron, which is down 4.8% pre-market after making a massive upwards rally to $1079 from $328 at the start of April. Overall, Nasdaq 100 futures are down 326 points, or just over 1%. In contrast, Russell 2000 futures are slightly higher.
This article was written by Adam Button at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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