US stocks are set to open sharply lower, with the pain concentrated in tech: a semiconductor sell-off touched off by TSMC's bigger-than-expected capex plan is the single biggest driver, compounded by a double-digit drop in Netflix after soft guidance. Nasdaq-100 futures are leading the slide.

Futures now

• Dow futures ~−0.6%, S&P 500 ~−0.8%, Nasdaq-100 ~−1.6% (per Yahoo Finance / Benzinga). The QQQ was quoted near −2% and SPY near −0.9% in pre-market.

Why chips are cracking

TSMC posted record Q2 results and raised revenue guidance, but investors fixated on its 2026 capex hike to $60–64B (from $52–56B) plus fresh Arizona commitments — reviving fears the AI build-out is squeezing margins and returns. The Philadelphia Semiconductor Index is down more than 8% this week; SK hynix's US-listed shares fell ~14%, while Micron, Intel, Broadcom and AMD each shed over 5% and SanDisk/Western Digital dropped 9%+. Alphabet slid ~4% on reports its Gemini 3.5 Pro model was delayed.

Pre-market movers

• Netflix −10%+ after its forward revenue outlook disappointed in a "dynamic and competitive" market.
• Abbott +~4% on an earnings beat and raised FY26 EPS guidance; Intuitive Surgical +~3%.
• Truist +~1.4% on a Q2 beat ($1.23 vs ~$1.08 est).
• United Airlines −~3% on soft Q3 guidance as fuel costs climb.

Earnings today

A wave of financials/insurers reported before the bell — Travelers (beat), Truist, Fifth Third — alongside Abbott. The after-close slate is comparatively light; American Express is due next week (~Jul 19).

Macro today

• 8:30 ET — Housing Starts (cons. ~1.31M vs 1.18M prior) & Building Permits (~1.40M vs 1.41M). A firm starts print would ease housing-slowdown worries; a miss feeds soft-landing doubts.
• 9:15 ET — Industrial Production (cons. +0.2% vs +0.1%).
• 10:00 ET — UMich Consumer Sentiment (prelim) (cons. ~51 vs 49.5) with 1yr/5yr inflation expectations — the inflation-expectations read matters most for the Fed narrative.

Rates, dollar & commodities

• US 10Y ~4.60%, near a two-month high (Trading Economics). DXY ~100.7, tracking a weekly decline.
• Brent ~$86 (+2% on the day) and on track for a 10%+ weekly gain; WTI ~$79–80 — driven by US–Iran tension and reduced Strait of Hormuz traffic. Gold held firm near recent record levels on safe-haven demand.

Overnight global context

The chip rout hit Asia hard — Japan's Nikkei fell roughly 4–5%, with Hang Seng and Shanghai also lower — and Europe opened soft (DAX lower, FTSE little changed). Higher oil is keeping an inflation-risk premium in the mix.

What to watch at the open

Watch whether dip-buyers step into semis or the sector's ~8% weekly slide extends into a broader de-risking of the AI trade. The 10:00 ET Michigan inflation-expectations figure could swing rate-cut odds, and Brent near $86 keeps energy and airline names in focus.

As of 9:15 AM ET, Fri Jul 17, 2026. Sources: Yahoo Finance, CNBC, Benzinga, Trading Economics, Investing.com. Automated US market brief for discussion and education only — not investment advice. Verify before acting.