Nasdaq-100 futures are down around 0.5% ahead of Tuesday's open, near 29,520. The Dow is marginally higher and the S&P roughly flat.
The main drag is renewed anxiety about how the AI buildout is being financed. CoreWeave has hit a fresh 52-week low, down nearly 5% premarket. Nebius is off a similar amount.
The overnight trigger was Korean neocloud Elice, which cratered 32% on its Kosdaq debut despite being 400 times oversubscribed. SK Hynix fell more than 5%. Memory and chip stocks are broadly lower.
Brent crude has hit $111, its highest since May, after Houthi claims of attacks on Saudi energy sites. The claims aren't verified, but traders are pricing in a risk premium regardless.
The 10-year Treasury yield is around 5.1% and markets are pricing a roughly 90% chance of a December Fed hike. Good economic data is bad news for tech multiples right now.
Early earnings are a mixed bag. RTX and 3M are higher; GM fell 5% despite beating estimates. Old economy and defence names are keeping the Dow afloat.
The real action comes after the bell. Netflix and SpaceX report tonight, though Netflix has fallen after each of its last five earnings releases. Meta and Tesla report Wednesday.
Housing starts and building permits land at 8:30 a.m. ET. A soft print would ease yields modestly and give tech a lift at the margin. A hot number would do the opposite.
The week's thesis is straightforward: don't confuse Monday's chip-stock bounce with a genuine bottom. The macro headwinds haven't gone anywhere.
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