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Futures Steady as Tech Selloff Eases; Amazon Drops on AI Spending Surge

U.S. stock futures held steady in early premarket trading after a sharp tech-led decline earlier in the week, giving investors a moment to reassess the sector’s rapid pullback. Major index futures hovered near flat, suggesting a more measured tone after days of volatility. While sentiment remains cautious, some traders appear to be stepping back in following the recent selloff in high‑growth names. Amazon shares slipped in premarket action after the company signaled a significant increase in capital expenditures tied to artificial intelligence infrastructure. The planned investment highlights Amazon’s push to expand its AI capabilities, but the scale of spending raised concerns about near‑term pressure on margins. Market attention now turns to upcoming economic data and corporate earnings, which could help determine whether tech stocks regain momentum or continue to face headwinds. For the moment, futures point to a steadier start as investors look for the next catalyst.
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Nasdaq Hits Record High as Meme Stocks Rally

 

In a day marked by market optimism, the Nasdaq Composite achieved a new milestone, closing at a record high of 16,511—its first record since April 11. Meanwhile, meme stocks continued their wild ride, with AMC shares surging up to 120% before settling just above 30% gains, and GameStop more than doubling at one point and finishing around 60% higher.

The broader market also saw gains, with the S&P 500 rising approximately 0.5% and the Dow Jones Industrial Average climbing about 0.3%. These moves come as investors eagerly await Wednesday’s release of crucial consumer price inflation data.

President Biden’s announcement of new tariffs on Chinese goods added to the market dynamics. The White House plans to raise duties on $18 billion worth of Chinese imports, including electric vehicles, steel, aluminum, semiconductors, and medical devices. Simultaneously, the latest Producer Price Index (PPI) data showed wholesale prices increasing 0.5% month over month in April, slightly above consensus expectations. However, March’s monthly price increase was revised lower to a 0.1% decrease from the initial reading of a 0.2% increase.

The mixed bag of economic indicators allowed Wall Street to largely shrug off the report, but the focus now turns to the more critical Consumer Price Index (CPI) reading expected on Wednesday. Federal Reserve Chair Jerome Powell reiterated that the PPI was more “mixed” than “hot,” emphasizing that the central bank does not anticipate an immediate rate hike.

As the meme-stock mania continues, traders are closely watching social media influencers and their impact on stocks. The return of an influential figure has reignited interest in meme darlings, driving their prices higher. With energy prices on the rise, the upcoming CPI report is expected to provide further insights into inflation trends.

In summary, the stock market today reflects a blend of optimism, tariff announcements, and meme-stock frenzy, with the Nasdaq leading the charge to new heights. Investors remain on edge as they await the next inflation data release, which could shape the Federal Reserve’s future decisions. 

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