US pre-market 17 July 2026: chip selloff deepens, Netflix guides light, crude climbs on Iran strikes

Sentiment: bearish S&P 500 futures: -0.92%

Nasdaq 100 futures trade 1.91% lower and S&P 500 futures 0.92% lower before the open on 17 July 2026, extending a semiconductor selloff that took SOX.INDX down 4.29% on Thursday as investors questioned whether memory chip prices can keep rising. NFLX.US trades at $65.99 in the pre-market, down 11.24%, after guiding third quarter revenue to about $12.86 billion against roughly $13 billion consensus. WTI is up 2.59% at $80.31 on the sixth day of US strikes on Iran, and the US 10-year yield has fallen 1.01% to 4.52% as buyers move into Treasuries.

Overnight drivers

• SOX.INDX -4.29% on Thursday. SKHY.US, the US listing of SK Hynix, closed 13.69% lower, SNDK.US fell 12.63% and STX.US 10.00%. Daiwa Securities senior strategist Daisuke Hashizume said on 17 July that the long-term trend for AI and data centres is unchanged, and pinned the selling on doubts over how far memory chip prices can keep climbing.
• NFLX.US -11.24% to $65.99 after guiding third quarter revenue to about $12.86 billion and EPS to 82 cents, under consensus of roughly $13 billion and 84 cents. The quarter just reported landed close to estimates at $12.56 billion revenue and 80 cents. Netflix also said it will publish its viewing-hours report once a year from January 2027 instead of twice.
• CL=F +2.59% to $80.31, BZ=F +2.34% to $86.20 on the sixth day of US strikes on Iran, with Iran launching fresh attacks and shipping through the Strait of Hormuz reduced. Energy names lead the pre-market gainers: VLO.US +2.19%, COP.US +2.00%, XOM.US +1.95%.
• ^VIX +9.98% to 18.40. The US 10-year yield fell 1.01% to 4.52%, the 5-year 1.00% to 4.24% and the 30-year 0.84% to 5.05%.

Overnight Asia and Europe

Japan's Nikkei 225 closed at 64,141.12 on 17 July 2026, down 4.03%, its steepest single-day fall in four months.

• Nikkei 225: 64,141.12 (-4.03%). Reuters counted 83 advancers against 142 decliners at the midday break, with Kioxia down 16.05%, its worst session since November 2025.
• Hang Seng: 24,562.24 (-1.78%).
• Korea did not trade. The Korea Exchange closed for Constitution Day, leaving the KOSPI's 6.37% fall on Thursday as its most recent print.
• STOXX 600: 640.26 (-0.54%). DAX: 24,790.27 (-0.50%). FTSE 100: 10,564.21 (-0.08%).

Thursday's US close

The S&P 500 closed at 7,533.77 on 16 July 2026, down 0.51%, while the Nasdaq fell 1.47% and the Dow 0.20%.

• S&P 500: 7,533.77 (-0.51%). Nasdaq: 25,881.95 (-1.47%). Dow: 52,552.97 (-0.20%). Russell 2000: 2,974.57 (-0.06%).
• AAPL.US closed +1.76% and MSFT.US +1.38% while SNDK.US fell 12.63% and STX.US 10.00%. The 127 basis points between the Dow and the Nasdaq measure how narrow the selling was.
• GOOGL.US -4.44% after reports its Gemini 3.5 Pro model slipped by several months, with coding capability short of internal expectations. ORCL.US -6.25%.

Pre-market movers

NFLX.US is the largest mover in the US pre-market on 17 July 2026 at -11.24%. Chip equipment and AI hardware names take the next nine places.

• ALAB.US -5.55% and CRDO.US -5.52%, adding to Thursday closes of -8.81% and -8.28%.
• AMKR.US -5.11%, VRT.US -4.99%, TER.US -4.95%, WDC.US -4.90%, AMAT.US -4.82%, LRCX.US -4.74%, INTC.US -4.55%.
• AMD.US -3.91%, MRVL.US -3.69%, MU.US -2.88%, NVDA.US -2.60%, AVGO.US -2.37%.
• SKHY.US +0.11% and AAPL.US +0.01% sit flat, having closed Thursday 13.69% lower and 1.76% higher.
• VLO.US +2.19%, COP.US +2.00%, XOM.US +1.95%, CVX.US +1.70%, OXY.US +1.58%.

US economic calendar today (ET)

• 08:30 June housing starts printed at a 1,427,000 annual rate, up 19.0% from May's revised 1,199,000, against a Census Bureau 90% confidence interval of plus or minus 15.9% on that change. Units in buildings of five or more ran at 513,000 while single-family starts fell 0.2% to 895,000.
• 08:30 June building permits printed at 1,367,000, down 3.0% from May's revised 1,410,000 and 2.3% under June 2025.
• 09:15 June industrial production.
• 10:00 July preliminary University of Michigan consumer sentiment. June printed 49.5, close to record lows.
• Earnings: TRV.US, TFC.US, FITB.US.

What to watch

• NQ=F -1.91% against YM=F -0.66% leaves 125 basis points between Nasdaq and Dow futures before the bell, close to Thursday's 127 basis point cash spread.
• DX-Y.NYB at 100.81 is up 0.04% and GC=F at $3,985.30 is down 0.17%, so the move into Treasuries has not reached the dollar or gold.
• TRV.US closed +2.62%, FITB.US +2.47% and TFC.US +0.85% on Thursday, and all three report before today's open.

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