US pre-open: Futures slip as chip stocks retreat

16th Jul 2026 10:35

(Sharecast News) - Wall Street futures were mixed prior to the open on Thursday, giving back part of the prior session's gains as semiconductor stocks came under pressure.

As of 1225 BST, Dow Jones futures were up 0.24%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.14% and 0.56% weaker, respectively.

The Dow closed 150.37 points higher on Wednesday, building on modest gains recorded in the previous session.

Chip stocks fell sharply in pre-market trading, with Arm Holdings and Taiwan Semiconductor both dropping around 4%, following an 11% plunge in SK Hynix in Seoul, which dragged on European names.

In other company news, Eli Lilly announced on Thursday that it will buy psychedelic‑drug developer AtaiBeckley for $2.8bn upfront, giving the pharma giant access to a late‑stage treatment aimed at hard‑to‑treat depression. The deal brings in AtaiBeckley's experimental DMT‑based therapy, currently in Phase III trials for treatment‑resistant depression, and adds a pipeline of other psychedelic‑derived candidates, including one related to MDMA, for a range of mental‑health conditions.

As far as Thursday's earnings slate goes, UnitedHealth delivered adjusted earnings of $6.38 per share on revenues of $112.03bn, comfortably ahead of forecasts, while GE Aerospace raised its 2026 profit outlook as commercial engines and services revenues rose 27% to $9.7bn, helping lift adjusted quarterly profits to $2.02 per share on $13.35bn of revenue, up 21% year‑on‑year.

Still to come, TSMC and Netflix were both set to report earnings after the close.

On the macro front, weekly jobless claims data from the Labor Department, July's Philadelphia Fed manufacturing survey and June retail sales figures will be published at 1330 BST, while July's NAHB housing market index and June pending home sales numbers will follow at 1500 BST.

Reporting by Iain Gilbert at Sharecast.com