U.S. stock futures steady amid tech decline

S&P 500 Futures gained 0.1% to 7,758.25 points, Nasdaq 100 Futures declined 0.17% to 29,564.25 points, while Dow Jones Futures advanced 0.14% to 54,567.0 points

U.S. stock index futures steadied on Wednesday evening with focus squarely on a deal with Iran to reopen the Strait of Hormuz, while technology stocks cooled after a strong start to August.

S&P 500 Futures gained 0.1% to 7,758.25 points by 00:28 GMT. Nasdaq 100 Futures declined 0.17% to 29,564.25 points, while Dow Jones Futures advanced 0.14% to 54,567.0 points.

Futures steadied after a mixed session on U.S. stock market, where investors locked in some profits in tech shares after strong gains earlier this week. Underwhelming earnings from SpaceX and AMD also weighed.

Focus this week was squarely on a deal to reopen shipping through the Strait of Hormuz, with U.S. officials earlier stating that an agreement was imminent.

Iranian officials signalled on Wednesday that an agreement with Oman over Hormuz was close, and warned the U.S. against any new attacks on its territory.

Iran clarified that it was in contact with mediators in Oman, and had not engaged in any direct talks with the U.S. Tehran also warned that a deal with Oman would not guarantee security in Hormuz.

Still, the prospect of reopening passage through the key waterway sparked deep losses in oil prices this week, while encouraging risk-driven assets.

But investors still remained on guard over a sudden shift in sentiment, given that Iran and U.S. have engaged in a cycle of threats, attacks, and concessions since the onset of their war in late-February.

U.S. stock indexes were a mixed bag on Wednesday, with the Dow Jones Industrial Average rising to a record high, while the S&P 500 dropped 0.17%.

The NASDAQ Composite lagged, declining 0.8% on losses in tech shares. June quarter earnings from AMD and SpaceX failed to impress, with the two dropping sharply on the day.

Chipmaking stocks also lagged after logging a strong start to August, with the Philadelphia Semiconductor Index down 1.4%.

Tech stocks, especially those with chipmaking and artificial intelligence exposure, remained fragile after bruising losses in July. The sector was hit by persistent questions over just how viable an AI-fuelled valuation spike in the sector was.