Business
Stock Futures Slump as Tech Selloff Rages On After Mag 7 Dumped
Tech stocks were on track to extend their recent slump on Friday as investors continued to fret about soaring memory-chip costs and wondered if the AI trading frenzy may be about to fizzle out.
Nasdaq 100 futures dropped 1.1%. S&P 500 futures were 0.5% lower. Dow Jones Industrial Average futures fell 63 points, or 0.1%.
The Nasdaq closed in the red on Thursday as investors ditched the Magnificent Seven group of mega-cap tech stocks. The selloff came after Apple said it would hike the price of MacBooks and iPads, highlighting the impact the memory-chip shortage could have on its bottom line.
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