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Nasdaq 100 futures fall as chip selloff deepens and Netflix drops
September Nasdaq 100 E-mini futures were down 1.6% while Netflix slid more than 9% in premarket after its weaker-than-expected quarterly revenue and guidance.
U.S. Nasdaq 100 E-mini futures fell 1.6% on Friday as a broader global selloff in chip and AI related stocks intensified, weighing on sentiment across markets. Yahoo Finance reports that Taiwan’s Taiex and Japan’s Nikkei both slid into technical correction territory after heavy selling in AI tied shares amid concerns valuations have become stretched after a strong first half rally.
The premarket pressure also reflected company specific weakness, with Netflix shares down more than 9% after the streaming company reported weaker than expected Q2 revenue and projected a second consecutive quarter of slowing sales growth. Yahoo Finance also linked part of the AI market jitters to a surprise announcement from Chinese AI startup Moonshot, which said its Kimi K3 model could compete with top offerings from OpenAI and Anthropic PBC.
Beyond equities, geopolitical tensions added to the risk tone, with American forces carrying out a sixth straight night of strikes aimed at degrading Iran’s ability to attack commercial shipping in the Strait of Hormuz. Yahoo Finance said Iran retaliated with attacks on U.S. bases in Kuwait, Jordan, and Bahrain, while WTI crude rose more than 2% on Friday.
Latest closeWTI crude $79.00 ▼0.8%|Nasdaq Comp. 25,881.95 ▼1.5%|Nikkei 225 68,751.51 ▲1.5%