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Futures Slump, Dragged By Semis As Global Chip War Escalates

Futures are lower following the S&P's best weekly performance of the year (sparked by dovish comments by Fed chair Powell during the last FOMC) which sent the market up +2.3%. At 7:50 am, S&P futures were 0.4% lower and Nasdaq futures dropped 0.6%, dragged by MegaCap tech names which were mostly lower with AMD and Intel down more than 2% after the FT reported they are being banned from the Chinese government computers; NVDA swung from gains to losses after a report that Google, Intel and QCOM execs plan on battling NVDA on AI dominance (well what else can they do?). ....

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Ageas Says It Won't Make Third Offer for Direct Line Insurance

Ageas said it will halt its pursuit of UK insurer Direct Line Insurance Group Plc after two takeover proposals were rejected this year. The Belgian ....

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