US stocks: Tech sell-off hits futures as oil nears $100

Tech drags US futures before the bell

US stock futures pointed lower ahead of Friday’s open, led by technology shares. Nasdaq 100 futures fell 1.2%, while S&P 500 futures were down 0.5% after both indexes closed lower on Thursday for the fourth straight time that week. Dow Jones Industrial Average futures, which have fewer large technology constituents, were down a smaller 0.1%. The premarket weakness followed a choppy run where investors repeatedly rotated away from high-valuation tech names. A report suggesting a potential delay to OpenAI’s IPO was also cited as an added headwind for sentiment.

A sharp early-week sell-off set the tone

The pressure was visible earlier in the week as well, with benchmark indices opening in the red on Tuesday amid a broad sell-off in technology shares. In early trading, the Nasdaq Composite was down more than 2%, with futures indicating further declines ahead of the opening bell. Around 7:30 pm IST, major US indices were lower across the board. The Dow Jones Industrial Average fell 197.69 points, or 0.38%, to 51,515.02. The Nasdaq Composite dropped 365.57 points, or 1.40%, to 25,801.03, and the S&P 500 fell 76.49 points, or 1.02%, to 7,396.30.

Thursday’s decline broadened beyond tech

By Thursday, selling extended beyond high-growth shares, with financial stocks reported to be under pressure. Major US indexes fell about 1% as higher oil prices rekindled inflation fears and investors monitored concerns around the private credit sector. In that session, the Dow Jones fell 586.92 points (1.24%) to 46,830.35. The S&P 500 dropped 77.52 points (1.14%) to 6,698.27, and the Nasdaq declined 350.14 points (1.54%) to 22,366.00. The combination of inflation sensitivity and credit-market concerns added to the week’s volatility.

Oil, gold, and geopolitics intensified the risk-off move

Commodity moves were another key driver in the week’s swings. One overnight note highlighted that stock futures fell sharply while oil and gold surged amid escalating Middle East tensions. Gold jumped 2% as investors sought safe havens, and US crude surged 8% on fears of supply disruptions. Separately, another update said Dow futures tumbled more than 400 points overnight as oil prices continued to climb amid the ongoing Iran war. Another headline put the move in crude in simpler terms: Dow futures fell roughly 500 points as US crude topped $14 per barrel.

Private credit jitters stayed on investors’ radar

Alongside commodities, concerns about stress in private credit were cited as part of the backdrop to Thursday’s declines. While the provided updates did not include specific institutions or exposures, the repeated reference to “mounting jitters” shows the market was not only reacting to macro headlines. Credit conditions matter for equity multiples, particularly for sectors reliant on cheaper financing. The mention of financial stocks taking a blow on Thursday also fits the idea that credit sentiment was a key input for risk appetite.

Rates narrative shifted toward less easing confidence

The week’s selling in risk assets also came with references to shifting rate expectations. One update described a Friday decline contributing to Wall Street’s most pronounced sell-off in over a month, tied to diminishing confidence in an interest-rate reduction in December. That same note emphasized that riskier investments, particularly in the tech sector, were under pressure. In that move, Dow futures were down about 0.6%, S&P 500 futures were lower by nearly 1%, and Nasdaq 100 futures fell about 1.5%. The directional message was clear even if the market path was not.

Company-specific and event-driven triggers added to volatility

Several headlines pointed to stock-specific catalysts that can amplify market moves during fragile sentiment. Tech remained the focal point, including references to AI and large-cap tech shares selling off. Another update said US stock futures edged lower early Wednesday after a strong post-Fed rally, pressured by a sharp drop in Oracle shares. Trade tensions between Washington and Beijing were also cited as a reason for a cautious Thursday open in a separate note, alongside sharp moves in Tesla, IBM, and American Airlines shares on earnings and guidance.

Tariff headlines and global risk spilled across markets

Risk sentiment was not confined to US markets. One snippet said US stock futures sank on “Trump’s Greenland tariffs,” with Dow Jones futures down 722 points (1.46%) and S&P 500 and Nasdaq futures sliding more than 1.5%. The same stream of updates also noted that Indian equity benchmarks fell to multi-month lows on Tuesday, driven by sharp losses in IT stocks amid disappointing earnings and global trade uncertainty. While these are different markets and sessions, together they highlight how technology and trade-related headlines were shaping risk appetite broadly.

Key market levels and moves mentioned

The following table compiles the specific index levels, point moves, and futures changes referenced across the updates.

What markets will track next

The flow of updates shows investors juggling multiple drivers at the same time: the durability of the tech sell-off, oil-led inflation fears, and risk perceptions around credit. Futures signals varied across sessions, with some notes flagging steep overnight drops and others pointing to relatively small declines ahead of the open. The direction of travel, however, repeatedly turned on the same themes: tech sensitivity, commodity spikes, and policy expectations. Near-term market focus is likely to stay on how these factors interact during upcoming sessions, especially as headline risk remains elevated.

Conclusion

US equities were pushed lower by a tech-led retreat in futures and renewed inflation concerns linked to higher oil prices, while gold’s rise reflected demand for safety. Markets also had to absorb shifting expectations for rate cuts, private credit concerns, and trade-related headlines. With multiple updates pointing to continued volatility, investors will be watching the next round of market opens and futures signals for confirmation on whether selling pressure is easing or spreading.