Stock futures showed little change on Sunday night as investors digested a mixed week for Wall Street, characterized by a significant shift from technology stocks to sectors deemed to have lower valuations. This cautious stance comes as traders prepare for an influx of U.S. economic data reports scheduled for the upcoming week.
Futures for the Dow Jones Industrial Average dipped slightly, while those associated with the S&P 500 fell by 0.1%. Nasdaq-100 futures experienced a marginal decrease of 0.2%. These movements follow a week in which the S&P 500 and Nasdaq Composite indices experienced declines, driven largely by underperformance in major tech firms, particularly Oracle and Broadcom. The S&P 500 saw a decline of 0.6%, and the Nasdaq Composite recorded a steeper loss of 1.7%. In contrast, the Dow, which tends to have less exposure to technology and artificial intelligence sectors, rose by 1.1%.
Notably, Oracle’s stock plummeted by 12.7% over the week, while Broadcom’s shares fell by over 7%. The tech sector within the S&P 500 also faced declines, retreating by 2.3%. Analysts are beginning to question the resilience of the so-called “Magnificent-7” tech stocks, citing an increasingly competitive landscape in the artificial intelligence market. Ed Yardeni, president of Yardeni Research, commented, “The S&P 500’s Magnificent-7 might be less magnificent in 2026 as their fierce competition in the AI race starts to erode the monopolies they have enjoyed.” He suggested that this competition could benefit the remaining 493 companies within the S&P 500.
The upcoming week is set to provide key economic indicators, which could influence market sentiment. On Tuesday, November’s nonfarm payroll figures will be released alongside October retail sales data, both of which were postponed due to the U.S. government shutdown in the fall. Additionally, the November consumer price index is scheduled for release on Thursday, further informing investors as they navigate the current economic landscape.
