S&P 500 futures remain largely unchanged, despite a tech sell-off that has impacted major averages. This is a live update on the stock market's performance, focusing on the S&P 500 and its related futures. On Tuesday, the market saw a shift as traders moved away from tech stocks, causing the S&P 500 futures to dip slightly by 0.1%, while Nasdaq 100 futures fell by 0.2%. The Dow Jones Industrial Average futures, however, saw a minor gain of 23 points, or less than 0.1%.
The extended session revealed further insights. Chipotle's shares took a hit, dropping nearly 7%, as the restaurant chain reported declining traffic for the fourth consecutive quarter and projected flat same-store sales growth for 2026. Similarly, Advanced Micro Devices' shares plummeted by over 7% after their first-quarter forecast fell short of analysts' expectations. These tech-related losses were not isolated; major U.S. stock averages, including the S&P 500 and the tech-heavy Nasdaq Composite, also experienced significant declines during the previous session. The S&P 500 shed approximately 0.8%, while the Nasdaq Composite dropped 1.4%. The Dow, which had hit a record earlier in the day, shed nearly 167 points, or 0.3%.
In the regular session, tech giants like Nvidia and Microsoft each saw losses exceeding 2%. Other prominent artificial intelligence infrastructure companies, such as Broadcom, Oracle, and Micron Technology, also closed in the red. Software stocks were not spared either, with ServiceNow and Salesforce experiencing a nearly 7% decline. The tech sector emerged as the worst performer within the S&P 500, dropping by more than 2%.
Fears of artificial intelligence disrupting the software industry caused shares of private credit firms, including Blue Owl and TPG, to decline. Joe Tanious, the chief investment strategist at Northern Trust Asset Management, attributed the broader market decline to various cross-currents impacting the markets simultaneously. However, he remained optimistic about the underlying fundamentals, suggesting that markets are becoming more selective in their exposure to specific companies. Tanious also noted that after a three-year market rally with double-digit returns, valuations had become stretched, making them susceptible to market capitulations like the one currently underway.
As the week progresses, a busy earnings schedule is in place. Alphabet is set to report results on Wednesday, while Amazon follows on Thursday. Additionally, post-market trading has seen movements in various stocks, including Chipotle, AMD, and Match Group. Chipotle's shares tumbled 6% after reporting declining restaurant traffic, while Match Group's shares soared 7% due to surpassing earnings and revenue estimates. Advanced Micro Devices' shares also declined by about 7%, and Take-Two Interactive Software's shares surged nearly 5% after raising its 2026 guidance for net bookings.
