Nasdaq Futures Drop as Tech Selloff Pressures Wall Street

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•  15 May 2026
 

$INTC Intel leads the tech selloff in premarket trading, falling roughly 4% as futures across all three major U.S. indices point lower after a strong weekly run. Nasdaq futures are down approximately 1.7%, S&P 500 futures off around 1.2%, and Dow futures sliding close to 0.9%. The combination of profit-taking in semiconductors, rising bond yields, and disappointment from the Trump-Xi summit is driving the broad retreat. This is a classic earnings momentum reversal after an extended run, where elevated valuations leave little room for macro disappointment.

AMD, Micron, and Nvidia are each shedding roughly 2% in premarket trade, compounding the sector-wide pressure. Cerebras Systems, which surged 68% on its Nasdaq debut Thursday, is pulling back approximately 3% as institutional flows shift from initial enthusiasm to valuation reassessment. Applied Materials is down about 2% despite reporting better-than-expected fiscal second-quarter results and issuing a strong forward outlook, a clear sign that after a 71% gain since the start of 2026, the stock had already priced in considerable optimism. When a strong catalyst fails to extend a rally, it typically signals the market is questioning further multiple expansion in the sector.

The bond market is adding its own weight, with the 30-year U.S. Treasury yield climbing above 5%, a level that historically reintroduces rate-sensitivity across growth equities. Recent inflation data combined with rising oil prices are reinforcing expectations that the Federal Reserve has limited near-term room to cut rates. WTI crude is up approximately 2% to around $104 per barrel, with Brent rising a similar amount to near $108. The rate-higher, oil-higher combination is a direct headwind to the growth premium that has supported the tech trade through seven consecutive weeks of gains.

Microsoft is bucking the trend, rising approximately 0.4% to 1% in premarket after Bill Ackman disclosed that Pershing Square has opened a new position in the stock. Ackman did not reveal the size of the holding, which is expected to appear in a forthcoming regulatory filing. The move reflects continued institutional flows toward large-cap names with strong cloud and AI exposure and durable free cash flow. Figma is the session standout gainer, jumping 7.4% after the design software company posted strong first-quarter results and raised full-year guidance, easing concerns that AI tools are structurally eroding demand for traditional software platforms.

On the Trump-Xi meeting, markets had expected more. The agreement to keep the Strait of Hormuz open was noted, but investors were looking for larger trade deals or clearer tariff relief, and Boeing continues to slide after China announcement of a 200-aircraft order was received as underwhelming relative to expectations. In crypto-linked equities, Coinbase is down 1.7%, Robinhood off 3.1%, and Strategy falling 2.1%, giving back part of Thursday gains that followed Senate committee progress on the Clarity Act, which would shift much of crypto trading oversight to the CFTC.

Stellantis is the session notable industrial decliner, dropping 3.9% after signing a $1.17 billion joint venture with China Dongfeng to produce Peugeot and Jeep electric vehicles at a shared plant in Wuhan, with investors weighing the strategic logic against margin pressure and intense EV competition in China.

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