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Tech Bears Prowl Wall Street Pre-Bell; Asia, Europe Off

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Wall Street futures pointed lower pre-bell Wednesday as traders again backed away from rich tech- and AI-share valuations, and awaited clarity on Persian Gulf hostilities.

In the futures, the S&P 500 rose 0.7%, the Nasdaq declined 1% and the Dow Jones was off 0.7%.

The VanEck Semiconductor exchange-traded fund (SMH) traded down 2.6% pre-bell.

Investors also await the consumer price index (CPI) bulletin for May from Washington at 8:30 am ET, sure to be examined for signals that might be sent to the Federal Reserve.

Asian exchanges traded mostly lower overnight on tech losses, while European bourses tracked moderately south midday on the continent.

Oracle (ORCL), the IT giant, reports earnings after-bell.

On the economic calendar, in addition to the CPI report, and the weekly EIA petroleum status report at 10:30 am.

The weekly MBA mortgage applications bulletin at 7 am ET showed mortgage applications rose by 10.8% in the week ended June 5 after a 2.5% decline in Memorial Day week, according to Mortgage Bankers Association data released Wednesday.

In pre-market action, Bitcoin traded at $61,049.5, West Texas Intermediate crude oil rose 1.4% at $89.39, and 10-year US Treasuries offered 4.53%. Spot gold commanded $4,187.97 an ounce.

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