Oil stayed high and the dollar slipped as European indexes largely fell, pushing U.S. stock futures lower in early European trade. The selloff in AI‑linked stocks reverberated worldwide, with losses for the Nasdaq set to deepen.

Nasdaq stocks across the AI complex slid in pre‑market trade, and Soft Bank’s shares plunged in Japan. Companies in the AI supply chain struggled in Europe, as investors who have seen AI stocks boom this year look to lock in profits while questioning the sustainability of AI spending.

Oil prices remained elevated after another night of tit‑for‑tat strikes between the U.S. and Iran. Brent crude rose 0.4% to $84.57 a barrel and WTI futures were up 0.8% to $79.58 a barrel, with U.S. refining margins hitting record highs.

US futures were down: the S&P 500 fell 0.8% and the Dow dropped 0.6%. Chip stocks declined further, with Micron and Intel losing 4.4% and 4.7% respectively, while Netflix shares fell 9% pre‑market after warning of slower Q3 growth.