Tech Selloff Pushes Nasdaq Futures Down 2.5% on Profit-Taking

U.S. stock index futures fell sharply Monday evening, with technology shares leading the decline. Nasdaq 100 futures dropped 2.5%, S&P 500 futures lost 1.5%, and Dow Jones futures slipped 0.8%.

The move extended a selloff that began in the regular session. No single company-specific catalyst emerged. Traders cited broad profit-taking after the recent rally in megacap names pressured the after-hours tape. Apple and Microsoft each fell more than 3%.

The futures drop comes ahead of two data points due Tuesday. The S&P Global U.S. manufacturing PMI for June is expected to hold near 48.5, a reading that would signal continued contraction. The Richmond Fed manufacturing index, also due, is seen dipping further into negative territory.

Weak prints on both would reinforce the view that the Federal Reserve's tightening cycle is slowing the economy faster than anticipated. The market's primary question Tuesday is whether the tech selloff deepens or stabilizes. The Nasdaq had been the best-performing major index this year, up roughly 30% through Friday, leaving it exposed to a sharp pullback on any sign of slowing growth or rising rate expectations.

Treasury yields edged lower in overnight trading, a move normally supportive of growth stocks. The 10-year yield fell about 2 basis points to 3.72%. The effect was muted. The dollar index held near session highs, adding pressure on multinational tech companies with large overseas revenue exposure.

The S&P Global PMI is scheduled for release at 9:45 a.m. ET, followed by the Richmond Fed index at 10 a.m. A Chicago Fed national activity index is also due later in the morning.