U.S. stock futures moved lower Monday, extending last week’s losses as renewed weakness in technology and artificial-intelligence infrastructure stocks added to concerns over elevated borrowing costs, energy prices and the broader economic outlook.
Futures tied to the S&P 500 declined, while the technology-heavy Nasdaq 100 led losses. The Dow Jones Industrial Average was also slightly lower in early trading.
AI-related stocks were among the biggest premarket decliners. Micron, Marvell and SanDisk fell as investors continued to reassess whether the enormous amounts of capital flowing into chips, data centers and computing infrastructure will generate sufficient returns.
Nvidia Earnings Put AI Spending in Focus
Nvidia was comparatively stable ahead of one of the week’s most closely watched corporate events. The chipmaker is scheduled to report fiscal second-quarter results after the market closes Wednesday, Aug. 26.
The results could provide an important test for the broader AI trade. Investors will be watching not only Nvidia’s revenue and earnings, but also management commentary on demand for accelerated computing and the sustainability of spending by hyperscalers and other major AI customers.
The company enters the report following extraordinary growth. Nvidia generated record fiscal 2026 revenue of $215.9 billion, up 65% from the previous year, with its data-center business becoming the primary engine of expansion.
Macro Risks Remain in Focus
Beyond technology, markets continue to assess the implications of elevated Treasury yields, government debt and energy prices. Washington is also preparing additional economic measures targeting Iran, adding another geopolitical variable to the outlook for energy and inflation.
The combination leaves Wall Street facing a consequential week, with Nvidia earnings, inflation data and the Federal Reserve’s Jackson Hole symposium all capable of influencing expectations for technology valuations and U.S. monetary policy.
