Nasdaq futures down 336 points (Il Sole 24 Ore Radiocor) - New York, 17 Jul - US futures were lower following another round of records for Wall Street as tech stocks came under fire from fears of more export curbs to China and comments from Donald Trump on Taiwan.

The Dow rose 1.9% yesterday to close at a record high while the S&P 500 added 0.6% to post an all-time high for the 38th time this year as stocks other than Big Tech names led the charge. The tech-heavy Nasdaq climbed 0.2%.

Increasing hopes the Federal Reserve will start cutting interest rates as early as September have fuelled a rotation away from AI-focused stocks into companies that have fared less well in the rally this year.

New York Fed President John Williams yesterday said recent inflation data, together with a cooling jobs market, were 'getting us closer to a disinflationary trend that we're looking for,' while adding he wanted to see more data to ensure inflation was heading sustainably to the bank's 2% target.

Investors today will monitor the Fed's Beige Book which is due for release later today while also tracking housing data and industrial production.

On the stocks front, chip makers like Nvidia and ASML fell in premarket trade, down 4% and 8% respectively, after the Biden administration reportedly told allies it was considering harsher curbs on companies still providing China with advanced chip technology despite existing export controls.

Republican presidential candidate Donald Trump also said he was thinking of asking Taiwan to pay more for its defence if he is elected in November. TSMC shares fell sharply.

Earnings meanwhile continue to roll in with Johnson & Johnson, United Airlines and Discover among those reporting today.

Futures on the Dow Jones were down 149.00 points, or 0.36%, S&P 500 futures were down 61.50 points, or 1.08%, while futures on the Nasdaq were 336.00 points, or 1.63%, lower.

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(RADIOCOR) 17-07-24 14:02:50 (0398) 5 NNNN