Futures nurse losses after tech jolt; data awaited
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Ford slumps as higher costs, EV unit dent profit growth
IBM gets lift from software, AI demand as consulting slips
Edwards Lifesciences, Dow fall after results
Durable goods, Q2 GDP, weekly jobless claims due at 8:30 a.m. ET
Futures down: Dow 0.09%, S&P 500 0.26%, Nasdaq 0.42%
Updated at 6:40 a.m. ET/1040 GMT
By Ankika Biswas and Lisa Pauline Mattackal
July 25 (Reuters) -Nasdaq and S&P 500 futures slipped on Thursday, a day aftera crushing selloff in megacap tech stocks steered the indexes to their biggest drop since 2022, with investors looking out for a burst of earnings releases and key economic data.
At 6:40 a.m. ET, Dow e-minis 1YMcv1 were down 36 points, or 0.09%, S&P 500 e-minis EScv1 were down 14.25 points, or 0.26%, and Nasdaq 100 e-minis NQcv1 were down 79.75 points, or 0.42%.
Lackluster earnings from Alphabet GOOGL.O and Tesla TSL.O soured investor sentiment towards megacaps on Wednesday, knocking back thehigh-momentum 'Magnificent Seven' group of tech stocks. All three major Wall Street indexes closed at multi-week lows, with the Nasdaq ending 3.6% lower.
Megacaps added to their losses in premarket trading on Thursday, withApple AAPL.O, Nvidia NVDA.O Tesla, Alphabet<GOOGL.O> and Amazon.com AMZN.O all in the red.
While the group of heavyweightstocks has poweredthe stock market to all-time highs this year,Wednesday's selloff following the first set of second-quartertech earnings was a wake-up call for investors, adding weight to fears thatthese stocks might be over-stretched and in for more turbulence.
"One could argue that given the moves and flows we saw last week, the platform was already set, and investors were already questioning their position in big tech," Chris Weston, head of research at Pepperstone, wrote in a note.
"Throw in clear disappointment in Alphabets Q3 capital expenditure guidance, and outright poor numbers from Tesla ... and we can see the effect in MAG7, semiconductors and the AI-related plays."
Futures tracking the Russell 2000 <RTYcv1> edged0.1% lower afterthe small-cap index <.RUT>slumped over 2% in Wednesday's broad-based market decline, even as investors now see more value in shifting to lagging sectors.
The rest of the "Magnificent Seven" cohort reports earnings from nextweek, with focus shifting toa slew of economic data during the day -- durable goods, second-quarter GDP and weekly jobless claims.
The personal consumption expenditures (PCE) price index data, due on Friday, will be a crucial test for bets of an early start to Federal Reserve rate cuts after the recent trend of easing inflation and some weakness in the labor market.
Market participants are also pricing in around three rate cuts by December this year, according to LSEG data. Bets of a 25-basis-points cut in September fell to about 77% from 90% the previous day, as per CME's FedWatch Tool.
Signaling growing investor unease, the CBOE market volatility index .VIX jumped to its highest since April 19.
Semiconductor stocks also broadly fell, led by a9.4% tumble in Teradyne TER.O after the chip-testing equipment makerforecast lower-than-expected third-quarter revenue.
Ford F.N dropped13.3% after its second-quarter adjusted profit missed estimates by a wide margin as the automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line.
IBM IBM.N climbed 4.4% after beating second-quarter revenue estimates and raising its annual growth forecast for its software business, whilechemical maker Dow DOW.N lost4.4% after missing profit estimates.
KLA KLAC.O rose 2.7% after forecasting revenue and profit for its fiscal first quarter above expectations, while Edwards Lifesciences EW.N slumped 22% after missing second-quarter revenue estimates.
Chipotle Mexican Grill CMG.N rose 3.7% after surpassing estimates for quarterly results.
S&P500 breaks calm streak with 2%+ drop https://tmsnrt.rs/3A8anwg
Reporting by Ankika Biswas and Lisa Pauline Mattackal in Bengaluru; Editing by Savio D'Souza and Saumyadeb Chakrabarty
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