Stock futures are lower as the S&P 500 comes off a losing day, with notable declines in tech stocks. SpaceX's recent bond sale and partnership with AI startup Reflection failed to boost investor confidence, leading to a 16% drop in its shares.
Alphabet experienced its worst day in over a year due to the departure of two AI leaders, while Micron, despite reaching an all-time high, is down over 7% in premarket trading. In the oil market, Treasury Secretary Scott Bessent announced a temporary authorization for Iranian oil sales, which caused oil prices to drop.
Target's executive chairman, Brian Cornell, faced unprecedented shareholder dissent, with only 87% voting for his reelection, reflecting a crisis of confidence amid a profit slump. Lucid is cutting 18% of its workforce to save costs, following a previous reduction earlier this year, aiming for $158 million in annual savings.
UPS is investing $48 million in temperature-controlled facilities to meet the growing demand for healthcare logistics, particularly for temperature-sensitive medications