U.S. Stock Futures Slide in Pre-Market Trading as Chip and Memory Stocks Lead Losses, Steel Stocks Buck the Trend
Nashnova编辑部
US futures fell broadly Monday pre-market, with Nasdaq 100 futures down 0.7% leading losses as chips and memory sold off globally; steel stocks rallied on a collapsed US-Canada trade deal, while markets await Treasury Secretary Bessent's press conference.
Why are futures down — what is the market waiting for?
Nasdaq 100 futures fell 0.7%, S&P 500 futures slipped 0.2%, and Russell 2000 futures dipped 0.1% — the Nasdaq clearly underperformed.
The market is in wait-and-see mode ahead of Treasury Secretary Scott Bessent's press conference later in the day.
This means → until Bessent lays out a clear sanctions path, money is rotating out of tech and cutting risk exposure first.
Geopolitical threats escalated — so why did oil fall?
Bessent wrote in the Financial Times that Iran faces "economic doomsday," warning countries with economic ties to Iran to reconsider.
Iran fired back: if the economic war continues, "not a single drop of oil will leave the Persian Gulf."
Despite the heated rhetoric, Brent crude actually fell about 1%. In plain terms = the market read this as negotiating-table posturing and chose to take profits before any concrete announcement.
How bad is the chip and memory sell-off?
SOXX (iShares Semiconductor ETF) had already dropped 5.5% last week; Monday pre-market it fell another 2%. Marvell slid nearly 3.5%; AMD and Intel each fell about 2%.
Memory was worse: SanDisk fell over 5%, Western Digital and Seagate dropped nearly 4%, and Micron lost 3.5%.
Overnight in Asia — Samsung plunged 8.7%, Kioxia fell 6.7%, SK Hynix dropped 3.4%. This reflects a global memory sell-off, not a US-only story.
Why is Alibaba falling too?
Alibaba slipped about 2% pre-market after announcing a share offering to non-US investors, raising $10.2 billion earmarked entirely for AI infrastructure.
In plain terms = new shares dilute existing holders' stakes; the short-term dip is the market's standard reaction.
Notable investor Michael Burry has exited his Alibaba position entirely and added to JD.com — a move that is itself a signal.
What's driving the steel rally?
Steelmakers Nucor rose over 4% and Steel Dynamics gained more than 3.5% pre-market — among the few sectors in the green.
The catalyst: US-Canada trade talks collapsed last Friday, and Canada announced retaliatory tariffs on US steel starting September 8.
This means → the market is betting that Canada's retaliatory tariffs will actually reduce import competition and benefit domestic US steelmakers.
What else is on the calendar this week?
Wednesday: US PCE data — personal consumption expenditures, a core inflation gauge — plus revised GDP and Nvidia earnings.
Thursday: Jackson Hole symposium opens; Friday: Fed Chair Kevin Warsh speaks + initial annual payroll revision.
In plain terms = inflation data, the AI bellwether's earnings, and a central-bank signal all land in the same week — any upside surprise could reset the market's direction. Bessent's press conference today is the first potential flashpoint.
Content is for reference only, not financial advice.