Nasdaq futures up 72.75 points (Il Sole 24 Ore Radiocor) - New York, 18 Jul - US futures were mostly higher as investors prepared for more earnings and data after a day of heavy losses for tech stocks.

The Nasdaq slumped 2.8% yesterday to register its worst day since December 2022 while the S&P 500 fell 1.4% as jitters over further curbs on chip trade with China undermined Big Tech.

But the blue-chip Dow ran up gains of 0.6% to close above 41,000 for the first time ever, confirming a trend that has seen a rotation away from AI-focused stocks into companies that have fared less well in the rally this year.

Investors have been selling AI-related stock as bets increase that the Federal Reserve will start cutting interest rates in September to the benefit of the broader market.

On the data front, the latest jobless data will provide more insight into a labour market that is showing signs of cooling.

The earnings season meanwhile marches on with Blackstone and Netflix among companies reporting results.

Shares in Nvidia, Advanced Micro Devices and Super Micro Computer were all higher in premarket trade after TSMC reported earnings and forecasts above expectations.

Beyond Meat was down more than 15% after a report the meat substitute company was meeting bondholders over possible restructuring of its balance sheet.

Futures on the Dow Jones were down 63.00 points, or 0.15%, S&P 500 futures were up 7.00 points, or 0.12%, while futures on the Nasdaq were 72.75 points, or 0.36%, higher.

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(RADIOCOR) 18-07-24 13:46:24 (0374) 5 NNNN