U.S. stock index futures were trading lower Monday evening as technology names remained under pressure following earlier declines in Alphabet and SpaceX that weighed on broader markets during the U.S. session.
By 19:22 ET (23:22 GMT), S&P 500 futures were down 0.17% at 7,528.25 points. Nasdaq 100 futures fell 0.3% to 30,553.50 points, while Dow Jones futures were largely unchanged at 52,124.0 points.
Market snapshot
After a long weekend, cash-market action was mixed. The S&P 500 closed nearly 0.4% lower on the day, the Dow Jones Industrial Average finished about 0.3% higher, and the NASDAQ Composite lagged with an approximately 1.3% decline.
The Nasdaq’s underperformance was driven in part by Alphabet Inc., which fell nearly 5% after two senior artificial intelligence executives departed within days of one another. SpaceX was a notable large-cap decliner as well, sliding roughly 16% after abandoning the early momentum it enjoyed following its initial public debut earlier in the month.
Pressure on SpaceX and analyst views
Analyst commentary contributed to the reversal in SpaceX’s market reception. KeyBanc flagged a more cautious stance on the company, citing valuation concerns and saying additional transparency is needed on the development of SpaceX’s next-generation Starship and the company’s wider commercialization strategy.
Geopolitics and commodities
Over the weekend, negotiators reported incremental progress in U.S.-Iran peace discussions held in Switzerland. Pakistani and Qatari mediators relayed that both sides agreed to continue technical talks in the coming days. Officials from both the United States and Iran provided relatively encouraging statements about the round of talks, even as President Donald Trump continued issuing threats of further military action.
Those developments offered some relief to markets. Oil prices fell sharply and approached pre-war levels, and flows through the Strait of Hormuz were described as improving. Separately, U.S. and Iranian parties are reported to have agreed to a 14-point memorandum of understanding intended to halt active hostilities and create a framework for more detailed negotiations over a 60-day period.
Economic calendar and Fed-watch
Traders are also focused on a compact schedule of U.S. economic releases this week that could influence expectations for monetary policy. June purchasing managers index readings are slated for Tuesday. On Wednesday, revised first-quarter GDP figures and the personal consumption expenditures price index are due.
The PCE price index is the Federal Reserve’s preferred inflation measure, and market participants will scrutinize that release for clues about the path of interest rates. The prevailing market view has increasingly priced in the possibility that the central bank will hold rates steady, with some participants contemplating a small additional rise in rates later this year.
Corporate calendar
Quarterly results are also on investors’ radars. Logistics giant FedEx Corporation is scheduled to report its quarterly earnings this week, a corporate event that will draw attention given its role in shipping and global trade activity.
Bottom line: Futures ticked down as technology stocks took losses after significant moves in Alphabet and SpaceX. Market sentiment was also influenced by tentative progress in U.S.-Iran negotiations and a full slate of economic data and earnings due this week that could shape expectations for inflation and interest rates.