Nasdaq Futures Slide Over 200 Points as Chip Rally Sours

Stock futures are moving lower, after yesterday's chip-induced tech rally. Futures on the Nasdaq-100 Index (NDX) are down over 200 points, while the S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are sporting modest premarket losses of their own. The likes of Micron Technology (MU), SanDisk (SNDK) and Advanced Micro Devices (AMD) weighed the heaviest, while several big names also suffered notable losses following a handful of mixed earnings reports.

 Continue reading for more on today's market, including:

• Senior V.P. of Research Todd Salamone looks at what could break the S&P 500's rangebound trading pattern.
• Follow along our Substack, The Contrarian Edge, this earnings season.
• Plus, GM's post-earnings fumble; analyst downgrades AAPL; and STLD's mixed quarterly report.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.4 million call contracts and 1.3 million put contracts traded on Monday. The single-session equity put/call ratio fell to 0.55, while the 21-day moving average remained at 0.59. 
2. Automaker General Motors Co (NYSE:GM) is sliding 7.9% before the bell, brushing off a third-quarter earnings beat and raised free cash flow outlook. The company narrowed its full-year guidance as well. Should these losses hold, GM will slip back below its year-to-date breakeven level.
3. iPhone parent Apple Inc (NASDAQ:AAPL) is down 1.4% in pre-market trading, after suffering a downgrade at Loop Capital to "hold" from "buy." The firm said iPhone sales are slowing and high valuation concerns are mounting. AAPL hit a record high of $348.14 on Oct. 13 and remains 35% higher year over year.
4. Steel Dynamics Inc (NASDAQ:STLD) is off 5.4% ahead of the open, as investors digest a mixed third-quarter report from the metals giant. Earnings missed expectations, overshadowing a revenue beat, though its customer backlog is on the rise with demand. Despite pulling back from its mid-June record highs, STLD sports a 44% lead for 2026.
5. Earnings season really starts to heat up this week. 

U.K. Stocks Slide Amid Fresh Wage Data

Asian markets finished mostly lower on Tuesday, as AI valuation concerns weighed on sentiment ahead of key earnings reports from SpaceX (SPCX) and Meta Platforms (META). Shares of Korean AI firm Elice tumbled more than 30% in their market debut amid concerns over the sustainability of AI spending. The South Korean Kospi tumbled 3.7% ahead of the Bank of Korea’s (BoK) interest rate decision on Thursday, while China’s Shanghai Composite rose 0.1% after China kept its benchmark lending rates unchanged for the 17th consecutive month. Meanwhile, Hong Kong’s Hang Seng and Japan’s Nikkei both lost 1.3%.

European bourses are also lower Tuesday, despite the British pound strengthening after better-than-expected U.K. wage data ahead of the Bank of England's (BoE) interest rate decision. The U.K. also said it will deploy fighter jets to aid in the Houthi attacks in Saudi Arabia. Wages excluding bonuses rose 3.7% year over year in the three months through August, slightly above the 3.6% forecast. At last glance, London’s FTSE 100 was down 0.6%, France’s CAC 40 had shed 0.9%, and Germany’s DAX was 0.8% lower.