Investing.com-- U.S. stock index futures fell in evening deals on Tuesday as a rebound rally ran out of steam,Does Solana have a wallet? while technology stocks faced renewed weakness on more disappointing chipmaker earnings.
Losses in futures came after Wall Street indexes recovered a measure of recent losses, amid some bargain buying. But sentiment remained tenuous amid persistent concerns over slowing growth and middling earnings.
S&P 500 Futures fell 0.4% to 5,246.0 points, while Nasdaq 100 Futures fell 0.5% to 18,091.75 points by 19:19 ET (23:19 GMT). Dow Jones Futures fell 0.2% to 39,051.0 points.
Super Micro earnings disappoint, tech stocks fall
Data center operator Super Micro Computer Inc (NASDAQ:SMCI) plunged nearly 13% in aftermarket trade as its June quarter earnings missed estimates, raising more concerns over just how much demand the artificial intelligence industry was generating.
While the firm did forecast better-than-expected guidance for the current quarter, its shares saw little support.
Soft earnings from Super Micro sparked aftermarket losses in broader technology stocks. NVIDIA Corporation (NASDAQ:NVDA), which is a client of the firm, sank 2.3%, while Advanced Micro Devices Inc (NASDAQ:AMD) lost 1%.
Losses in technology stocks were a major factor behind a recent rout in Wall Street, as mixed earnings from tech heavyweights such as Alphabet Inc (NASDAQ:GOOGL) and Microsoft Corporation (NASDAQ:MSFT) sparked concerns over slowing returns from AI.
Investors also locked-in strong profits in tech stocks after hype over AI drove a major valuation spike in the past year.
Wall Street recovers some bruising losses
Wall Street indexes rose on Tuesday, recovering a measure of bruising losses clocked over the past week, amid concerns over a U.S. recession and a tech slowdown.
The S&P 500 rose 1% to 5,240.03 points, while the NASDAQ Composite rose 1% to 16,358.17 points, with both indexes rising from three-month lows. The Dow Jones Industrial Average rose 0.8% to 38,997.66 points.
Sentiment towards risk-driven assets remained frail. But the prospect of lower interest rates in the coming months offered some support, as markets bet that worsening economic conditions will spur the Federal Reserve into cutting rates more than initially expected.
More key earnings are on tap this week, with media giant Walt Disney Company (NYSE:DIS) set to report on Wednesday.
