Precise Investors Editorial Team
Tech shares saw some profit-taking amid caution ahead of fourth quarter earnings from TSMC, the world’s largest contract chipmaker, which are due on Thursday
U.S. stock index futures inched lower on Wednesday evening after the stock market logged a two-day losing streak on losses in bank shares and as technology stocks retreated from recent gains.
Tech shares saw some profit-taking amid caution ahead of fourth quarter earnings from TSMC, the world’s largest contract chipmaker, which are due on Thursday.
Geopolitics remained a key point of concern, as markets fretted over U.S. intervention in Venezuela and Iran. Tehran warned of retaliation if the U.S. intervened in ongoing, nationwide protests in the Middle Eastern country.
S&P 500 Futures declined 0.1 per cent to 6,957.25 points by 23:45 GMT. Nasdaq 100 Futures dropped almost 0.2 per cent to 25,590.50 points, while Dow Jones Futures shed 0.15 per cent to 49,282.0 points.
Technology shares, which were a major driver of stock market’s new year rally, pulled back this week amid some profit-taking.
Investors were on guard ahead of TSMC’s figures on Thursday. The chipmaker is widely considered as a bellwether for the industry, given its pivotal role in manufacturing advanced chips.
TSMC’s U.S. shares dropped more than 1 per cent on Wednesday.
Reports of Chinese restrictions on domestic sales by Nvidia weighed, with the chipmaker losing more than 1 per cent on Wednesday.
Broadcom Inc declined more than 4 per cent.
Cloud firm Oracle Corporation slipped more than 4 per cent after it was sued by its bondholders over losses suffered by the company’s artificial intelligence buildout, which saw it sell large amounts of additional debt.
Stock market indexes pulled back after reaching a series of record highs in early-January.
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