20.08.202523:55:24UTC+00US Futures Steady After Tech Selloff

U.S. stock futures remained stable on Thursday after a technology-driven selloff on Wall Street, amid growing concerns about stretched valuations and the sustainability of the AI-fueled rally. On Wednesday, the Nasdaq Composite dropped as much as 1.92% before recovering some ground to close down 0.67%, while the S&P 500 declined by 0.24%. Large-cap technology companies exerted downward pressure on the market, with notable declines from Palantir (-1.1%), Apple (-2%), Amazon (-1.8%), Broadcom (-2%), and Intel (-7%). The minutes from the Federal Reserve's July meeting revealed that most officials preferred to keep interest rates unchanged, although two members expressed dissent due to concerns about inflation and labor market risks. Investors are now anticipating Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole symposium, looking for signals on possible interest rate cuts. Additional forthcoming factors include weekly jobless claims, data on existing home sales, and corporate earnings reports from Walmart and Workday.