Dow 30's Outperformance Sees Fresh Longs Unwind

U.S. equity index futures edged higher after Monday’s pullback in the S&P 500 (-0.3% to 7,652) and a bigger slide in the Nasdaq 100 (-1% to 29,023). Tech stocks were the clearest drag, reflecting pressure in semiconductors, while the Dow 30 rose 0.3% to 53,417, helped by being less exposed to chipmakers. Treasury yields eased after a CNBC report said the U.S. Treasury could use its TGA—around a trillion dollars—to buy longer-dated bonds, though the move was framed as a short-term fix. Traders’ Fed pricing shifted toward a steadier stance with the odds of a September hold and an October hike changing around upcoming PCE data and a Jackson Hole speech by Fed chair Warsh. Nvidia fell again ahead of earnings, alongside declines in AMD, Intel and Marvell, while memory-chip makers dropped sharply.