US Pre-Market, July 7: Chip Selloff Pulls Nasdaq Futures Down 0.9% as Samsung Slides on Demand Fears

Sentiment: mixed US futures: Nasdaq 100 -0.9%, S&P 500 -0.2%, Dow roughly flat

US index futures point to a softer open on Tuesday 7 July 2026 after a semiconductor selloff that started in Asia. Nasdaq 100 futures are down about 0.9% and S&P 500 futures about 0.2%, while Dow futures sit close to flat a day after the Dow closed above 53,000 for the first time. The trigger was Samsung Electronics: the company posted a record quarterly profit, yet its shares fell about 9.6% as investors looked past the beat to AI-related capital spending and future memory demand. The selling sits in chip and AI names while the broad market holds up, with the VIX near 15.9 and the 10-year Treasury yield around 4.48%.

Overnight drivers

• Samsung earnings: Samsung Electronics reported preliminary second-quarter operating profit of 89.4 trillion won, about $58 billion, up roughly 19-fold from a year earlier and above the roughly 85 trillion won consensus, but its shares fell about 9.6% as revenue of 171 trillion won missed and investors questioned AI capital-spending plans and whether memory prices have climbed too far.
• Chip selloff: The Samsung reaction reignited memory-pricing concerns and spread across semiconductors, with Micron MU.US down about 5% pre-market and KLA KLAC.US, Marvell Technology MRVL.US, Broadcom AVGO.US and Advanced Micro Devices AMD.US all lower before the open.
• Records intact elsewhere: The selling is concentrated in tech, with Dow futures roughly flat after the Dow closed Monday at a record 53,056 and the Russell 2000 up 0.45% at 3,010, a sign the move is a sector rotation, not a broad selloff.
• Macro calm: The 10-year Treasury yield held near 4.48% and the US Dollar Index sat around 100.9, both little changed, while the VIX rose to 15.9 from Monday's 15.6, still a low level.

Overnight Asia and Europe

South Korea's Kospi fell 4.9% to 7,656 on 7 July 2026 after dropping as much as 8.2% intraday, dragged down by Samsung Electronics and other memory-chip names. Japan's Nikkei 225 fell about 2.1% to around 68,257, weighed by chip-equipment names, while Hong Kong's Hang Seng eased 0.5% to 23,497 and mainland China's CSI 300 slipped about 1.0% to 4,792.

In Europe at the US pre-market, markets were mixed: the FTSE 100 and France's CAC 40 traded higher while Germany's DAX slipped, after the STOXX 600 closed down 0.4% at 650 on Monday.

Pre-market movers

• MU.US down about 5%: Micron was the biggest decliner among US-listed memory names as the Samsung reaction revived concerns about how far memory prices have run.
• KLAC.US, MRVL.US, AVGO.US, AMD.US lower: KLA, Marvell Technology, Broadcom and Advanced Micro Devices all traded down before the open as the chip selloff broadened across equipment, networking and AI-silicon names.
• VERA.US up about 6% Monday: Vera Therapeutics rose ahead of an FDA decision on its lead drug expected on Tuesday, one of the few single-name catalysts outside the chip trade.

US economic calendar today (ET)

• 8:30am ET: May international trade balance, the only scheduled US data release of note as Wall Street returns from the long holiday weekend to a light calendar.
• This week: The minutes of the Fed's June meeting under new Chair Kevin Warsh are due Wednesday at 2:00pm ET and are the week's main event for rate-path clues, after June ISM Services printed on Monday.
• Fed speakers: Governor Christopher Waller and Presidents Williams and Logan are on the speaking calendar this week.

What to watch

• Whether the chip selloff deepens after the open or stays contained: Nasdaq futures down 0.9% against roughly flat Dow futures show the selling is still concentrated in AI and semiconductor names.
• The 10-year yield near 4.48% and the dollar index near 100.9, both little changed, which suggests the selling is about stretched tech valuations more than the macro backdrop.
• How Samsung's slide carries over to US memory suppliers and AI-hardware names heading into Wednesday's Fed minutes.

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