Futures are lower with Tech underperforming as the market focuses on NVDA / MRVL earnings this week; while the AI theme is pressured globally and memory stocks slump driven by a slide in the Kospi. Futures got a boost just after 7am when CNBC reported that the Treasury could use the General Account ($935BN as of today) to fund bond buybacks. As of 8:00am ET, S&P futures are down 0.2%, rising from a session low hit this morning around -0.4%. Nasdaq futures are down 0.4% with Mag7 names mixed and Software up. In premarket trading, Memory/Semis are weaker, dragging down the Tech tape. Defensives are leading Cyclicals ex-Materials as Metals/Miners look to extend their bullish run. European stocks are lower, dragged down by tech while\South Korea’s Kospi was once again Asia's top loser, sliding 3.1%. Shares of SK Hynix also lost more than 3%. Bond yields are lower, down 3-4bp as the curve shifts lower and USD is bid with the Dollar stronger versus G7. In commodities, oil and ags are pulling the group lower on reports of more than 15mm bbl leaving SoH over the weekend; gold / base are bid as silver sells off as part of AI weakness. Warsh’s speech Friday at 10am is the macro focus for the week but we also get updates on PCE, which has been de-risked with the CPI/PPI prints, income / spending, housing data, and some regional Fed activity indicators. US session has few scheduled events Monday; ahead this week are coupon auctions, July personal income and spending data including PCE price indexes, and Federal Reserve Chairman Kevin Warsh speech at Jackson Hole Symposium.
In premarket trading, Mag 7 stocks are mixed (Alphabet -0.3%, Amazon +0.3%, Apple +0.4%, Meta +0.2%, Microsoft unchanged, Nvidi
