Nasdaq 100 futures slip as AI stocks weaken and oil rebounds

what happened

According to Reuters, Nasdaq 100 futures slipped on Tuesday as shares tied to artificial intelligence came under renewed pressure and oil prices recovered. Traders were also positioning ahead of a heavy week of quarterly reports from large technology companies. CoreWeave and Nebius Group were among the weakest names in premarket trading, while Apple dropped about 1%. The moves followed a brief rebound on Monday that came after last week's sharp sell-off, which was partly driven by worries about CoreWeave's debt and the rising cost of funding AI infrastructure.

Elsewhere, shares of South Korean AI infrastructure firm Elice Group fell almost 30% on their market debut and dropped below the IPO price, after the company raised 201.1 billion won ($151.12 million). Brent crude traded near $111 a barrel, close to a five-month high, as the market added a larger geopolitical risk premium following Houthi strikes on Saudi infrastructure and reports of attacks on vessels in the Gulf.

Among single stocks, Steel Dynamics lost about 6% after missing third-quarter profit forecasts, while General Motors fell 5.2% despite beating expectations. Halliburton gained 5.7% after topping quarterly profit estimates. 3M rose after announcing a wider commercial relationship with Amazon and issuing a warrant to an Amazon subsidiary that allows it to buy 3M common stock worth more than $521 million.

why it matters

Rising oil and a sell-off in AI names are weighing on index futures at the same time, so the geopolitical premium in Brent is becoming a factor for equity sentiment. Results from Meta Platforms and Tesla, due on Wednesday, will show whether technology growth can hold up against macro risks.

market impact

Nasdaq 100 and AI stocks: pressure from weakness in AI-linked shares; Brent: support from a geopolitical risk premium

tags

instruments