Update: US Equity Futures Fall Pre-Bell Amid Broad Tech Sell-Off, US-Iran Peace Negotiations
(Updates with economic data, recent oil price movement, world markets' overview, and corporate stock movements.)US equity futures were lower pre-bell Tuesday amid a sell-off in tech stocks and ongoing peace negotiations between the U.S. and Iran.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were down 1.3%, and Nasdaq futures were 2.8% lower.Micron Technology (MU) stock was down 8.3% in premarket activity, joining a broader sell-off in the technology sector.Technical discussions between the US and Iran in Switzerland have been completed, with negotiating groups to be established to focus on nuclear issues and sanctions, AFP reported, citing Iranian state media.Iran's chief negotiator, Mohammad Bagher Ghalibaf, told state media that the country intends to retain control of the Strait of Hormuz after talks with the US. At least 35 vessels crossed the waterway on Monday, marking the highest level since the war in the Middle East began, AFP reported, citing data from maritime tracking firm Kpler.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.8% at $76.91 per barrel and US West Texas Intermediate crude 0.7% lower at $73.31 per barrel.The June S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen at 52.1, up from 51.5 previously, according to estimates compiled by Bloomberg. The Richmond Fed manufacturing index for June is scheduled to be released at 10 am ET.In other world markets, Japan's Nikkei closed 3.6% lower, Hong Kong's Hang Seng ended 1.8% lower, and China's Shanghai Composite finished 1.4% lower. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 1% lower in Europe's early afternoon session.In equities, shares of Marvell Technology (MRVL), Western Digital (WDC), and Seagate Technology (STX) were all down as part of a wider decline in technology stocks. Marvell shares dropped 8.8%, Western Digital stock was down 7.6%, and Seagate shares fell 7.7%.On the winning side, Netflix (NFLX) stock was up 0.9% after the company and Omnicom (OMC) said they agreed on a collaboration that combines Omnicom Media's Acxiom audience intelligence with Netflix's artificial intelligence-powered advertising technology. IBM (IBM) shares rose 4.2% after the company said it joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models to help enterprises identify and validate software vulnerabilities. Accenture (ACN) stock was up 2% after the company said it is raising its fiscal 2026 share repurchase plan by $2 billion to a total of $7.5 billion.
