Key facts
- US stock futures declined, with S&P 500 and Nasdaq futures lower.
- Chipmaker and big tech stocks are lower.
- Lululemon Athletica slid 10% after lowering its annual forecast.
- Cooper Companies gained 6% after exceeding second-quarter estimates.
- A strong jobs report is expected to affirm higher interest rates for longer.
US stock futures dropped as chipmaker and big tech stocks underperformed, potentially breaking the S&P 500's historic weekly gain streak. Investors anticipate interest rates will remain higher for longer following a strong jobs report. Nvidia fell 1.3% in premarket trading, continuing its recent underperformance after Broadcom's earnings outlook disappointed. Lululemon Athletica slid 10% after lowering its annual forecast due to deteriorating North American performance, while Cooper Companies gained 6% after exceeding second-quarter estimates. South Korea's Kospi index also experienced a significant slump. Bond yields and the US dollar were lower, while WTI crude prices edged down. The focus remains on the upcoming Non-Farm Payrolls report, with expectations of a solid increase that may not significantly alter the outlook for interest rate policy.