US futures extend losses amid broad tech declines while WTI crude climbs 2.6% on geopolitical tensions in the Middle East.
Global markets faced pressure as tech stocks extended declines, dragging US futures lower. S&P 500 futures fell 0.8%, while Nasdaq futures dropped 1.5%, reflecting a widening selloff beyond AI and chipmakers to include major tech firms. Asian markets saw sharper losses, with the Nikkei down 4% and KOSPI over 6% lower.
The selloff followed a week of heightened volatility, with European indices faring better due to their lower tech exposure. Meanwhile, WTI crude oil rose 2.6% to $81.00, driven by escalating US-Iran tensions and threats to oil flows through the Strait of Hormuz. US 10-year yields declined 4.6 bps to 4.525%, while gold and Bitcoin posted mixed moves.
Currency markets saw the Swiss franc lead gains, while the Australian dollar and British pound lagged. The Bank of Japan signaled no change to interest rates at its July meeting, and euro area inflation eased slightly in June, confirming earlier estimates.