Chip Stocks

The Nasdaq Composite is sitting near a key technical area after settling on the strong side of its 50-day moving average and inside a short-term retracement zone. Chip weakness, upcoming retail sales and jobless claims data, and the Netflix report after the close are shaping the next move for US technology shares.

U.S. stocks traded mixed Tuesday as softer June inflation data revived demand for technology and growth shares. Chipmakers helped the Nasdaq outperform, while IBM’s profit warning dragged on the Dow Jones Industrial Average.

September E-mini Nasdaq-100 Index futures traded lower in Tuesday’s pre-market session as global chip weakness pressured technology sentiment. Traders are watching the 50-day moving average at 29590.29 as the level that may define the session’s tone.

Bitcoin drifted toward $63,000 as investors pulled back from risk assets and high-flying tech shares sold off. Traders are watching U.S. data, Micron earnings, and key support near $59,000 to $60,000.