US Stocks Could Open Narrowly Mixed After Tuesday's Chip Sell-Off, Bitcoin Heads To $68K, Oil Slips

U.S. stock futures point to a flattish start on Wednesday after the S&P 500 Index and the Dow Jones Industrial Average retreated from record highs in the previous session. A rebound by tech stocks could lend support to the market but the absence of any major economic catalysts could render the mood uncertain, potentially leading to a range-bound move. Earnings news, and preannouncements, if any, may also guide the market. Crude oil continues to be weak amid the fluid geopolitical situation, exerting further downward pressure on energy stocks.

Futures

Performance (+/-)

Nasdaq 100

+0.09%

S&P 500

+0.02%

Dow

-0.05%

R2K

+0.49%

In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.07% to $580.16 and the Invesco QQQ ETF (NASDAQ:QQQ) moved up 0.10% to $491.36, according to Benzinga Pro data.

Cues From Last Session:

Wall Street pulled back sharply from their record highs on Tuesday as Dutch chip-equipment maker ASML Holdings N.V.’s (NASDAQ:ASML) weak revenue forecast weighed down on the artificial intelligence hardware space and oil’s plunge hurt energy stocks. The major indices opened on a mixed note after a regional manufacturing survey showed an unexpected contraction.

The S&P 500 and the Nasdaq Composite indices, which started higher, gave back their gains and fell sharply after ASML’s early earnings release. They languished below the unchanged line for ...