S&P 500 futures fell Thursday night after a decline in tech giants weighed on the broad market index. S&P 500 futures were down 0.6%, while Nasdaq 100 futures lost 1.3%. Dow Jones Industrial Average futures fell by 81 points, or about 0.15%. Investors continued to move out of tech names on Thursday, causing the Nasdaq Composite to pull back 0.46% and notch its first four-day losing streak since February. The S&P 500 slipped 0.01%. On the other hand, a rotation into healthcare, financial and industrial names boosted the blue-chip Dow 71.72 points, or 0.14%, higher. Asia-Pacific markets mostly fell on Friday, with South Korea's Kospi leading declines in the region, falling 6%, while the small-cap Kosdaq lost more than 2%. Japan's Nikkei 225 declined 3.82% while the Topix was down 1.26. In Australia, the benchmark S&P/ASX 200 was flat. Hong Kong's Hang Seng index was down almost 2% while the mainland's CSI 300 lost 2.3%. In Thursday's regular session, Apple lost 6% after announcing price hikes on its iPads and MacBooks, pointing to rising demand for memory and storage. Microsoft dropped more than 3% after announcing higher prices on its Xbox gaming consoles , citing surging component costs. Fellow tech giants Alphabet and Meta Platforms also closed the session lower. "This is a market that we think is quite set up to test conviction. We have this flavor of market leadership in specifically semiconductors and memory chip leaders," said Julia Hermann , global market strategist New York Life Investment Management, on CNBC's " Closing Bell " on Thursday afternoon. "This is a structurally more volatile flavor of tech than we saw in the Magnificent Seven for the past several years." Hermann added: "Then you pair that with an astonishing repricing in Fed expectations not just the what, but the why of why the Fed might be hiking next and you have this environment, which is candidly a recipe for volatility." Thursday's losses compounded the Nasdaq Composite's existing week-to-date declines. The index is currently on pace to end 4.4% lower, followed by the S&P 500, which is down 1.9% on the week. The Dow, on the other hand, is bucking the trend with a week-to-date gain of 0.7%. On Friday morning, traders will watch out for May's preliminary wholesale inventories and June's final University of Michigan sentiment reading. Oil declined on Friday as investors digested a flurry of news from the Middle East and kept an eye out for any further breakthroughs in the conflict with Iran. International benchmark Brent crude futures for August slipped 0.56% to $74.84 a barrel. U.S. West Texas Intermediate futures for August declined 0.49% to $71.57 per barrel. A U.S. official told MS NOW that Iran was behind an attack on a cargo ship near the coast of Oman in the Strait of Hormuz. The ship was sailing under a Singapore flag, the Wall Street Journal said. According to United Kingdom Maritime Trade Operations , the ship reported no casualties and no environmental impact. Tensions in...
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