Nasdaq, S&P 500 Futures Dip After Megacap Tech Selloff: Why SPCX, INFQ, PLTR, QBTS, HIMS Are In Focus

• GOOG, AMZN, META and MSFT dragged markets lower, while SPCX plunged 16% and extended its three-day slide to nearly 24% after its post-IPO rally.
• Chip stocks offered some relief, with Micron rising nearly 7% ahead of earnings, while AMD and Intel also gained.
• Oil fell after U.S.-Iran talks produced a 60-day roadmap toward a final deal, though risks around the Strait of Hormuz and nuclear commitments remained unresolved.

U.S. stock futures traded mostly lower late Monday as investors rotated out of megacap tech and questioned the AI trade, even as hopes for a U.S.-Iran deal eased pressure on crude prices. 

As of 10 p.m. ET, Nasdaq 100 futures were down 0.1%, while S&P 500 futures were down by 0.2%. Dow futures were up 0.1%.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) was ‘neutral’ amid ‘normal’ message volume, while sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bullish’ amid ‘normal’ message volume.

US Market Drivers

Markets were pressured by a tech-led pullback after megacap stocks dragged indexes lower Monday. Alphabet fell 5% on AI concerns over high-profile exits, while Amazon dropped nearly 5%, Meta lost 2.3%, and Microsoft declined 3%.

Here’s how major U.S. indexes performed in Monday’s regular session: 

SpaceX added to the risk-off mood, plunging 16% for its third straight session of losses and extending its three-day slide to nearly 24% after an initial post-IPO rally. The company also announced a senior unsecured notes offering, while Bloomberg reported that it is seeking to raise at least $20 billion in investment-grade debt to fund AI ambitions.

Chips offered some relief, with Micron rising nearly 7% ahead of Wednesday’s earnings, while AMD gained more than 2% and Intel added 5%.

Kevin Gordon, head of macro research and strategy at Schwab Center for Financial Research, also questioned on X the view that AI is automatically deflationary, noting that CPI software prices have “clearly broken out” over the past six months and increased at a “59% annualized pace.”

On geopolitics, oil fell after U.S.-Iran talks in Switzerland produced a roadmap toward a final deal within 60 days. Vice President JD Vance said the talks made “a lot of good progress” and had laid “a very good foundation for a successful final deal.”

Still, risks remained. Iran said the Strait of Hormuz “will never return to its previous state before the war,” while Tehran also pushed back on new nuclear commitments, saying it “has not accepted any new commitments.”

Brent crude settled 3.31% lower at $77.90 a barrel, while WTI fell 2.32% to $74.82.

Trending Stocks To Watch On NYSE, Nasdaq

Infleqtion (INFQ): Shares jumped 13% overnight after U.S. President Donald Trump signed two executive orders to fast-track U.S. quantum development, including a goal to build a scientific quantum computer by 2028.

Palantir Technologies (PLTR): The stock fell nearly 7% on Monday to $119.50, closing at its lowest level in more than a year amid broader software and AI-disruption worries.

D-Wave Quantum (QBTS): Shares rose 7% overnight late Monday, extending the quantum-stock rally sparked by the same White House executive orders. 

Hims & Hers Health (HIMS): Shares snapped a four-session winning streak and ended 5% lower on Monday after rival LifeMD announced an exclusive self-pay telehealth program for Xyosted testosterone injections with Halozyme’s Antares Pharma.

Amazon (AMZN): Shares were marginally higher overnight as investors looked ahead to Prime Day, which will test whether Amazon’s new Alexa for Shopping AI assistant can boost conversion rates and justify the company’s heavy AI spending.

How Global Markets Are Performing Today

In broader markets, treasury yields also kept traders cautious ahead of Thursday’s PCE inflation report. The 10-year yield climbed to around 4.51%, while the 2-year yield hit its highest level since February 2025 after last week’s hawkish Fed meeting.

Mohamed El-Erian flagged on X the unusual setup of rising bond yields and falling oil prices, citing “expectations for a more hawkish Fed, inflation concerns” and “the prospect of large and growing corporate and government bond issuance.”

In Asia, Japan, Hong Kong and Australia were all close to the flatline in early trade, while MSCI’s gauge of regional shares fell  0.7%.

Among the catalysts for the day are ADP Employment Change Weekly, Redbook YoY, S&P Global Composite PMI Flash, S&P Global Manufacturing PMI Flash, S&P Global Services PMI Flash, Richmond Fed Manufacturing Index, Richmond Fed Manufacturing Shipments Index, Richmond Fed Services Revenues Index, 6-Week Bill Auction, 2-Year Note Auction and Money Supply.

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