Tech Rotation, Netflix Earnings Pressure Stock Futures Lower

Stock futures are suffering another setback to end the trading week, with semiconductor stocks running up against AI spending fears. Futures on the S&P 500 Index (SPX), Nasdaq-100 Index (NDX), and Dow Jones Industrial Average (DJI) are all deep in the red, though the Nasdaq is the only index pacing for a weekly loss. Oil prices are up 3% at last check, after the U.S.' sixth consecutive strike on Iran last night. Back home, more big-name earnings have crossed the tape, including Netflix (NFLX), which is suffering a 10% premarket drop.

Continue reading for more on today's market, including:

• Don't forget this options strategy for earnings season.
• 15 stocks short sellers are targeting.
• Plus, more on Netflix; SpaceX fumbles a launch; and Alcoa moves lower.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.8 million call contracts and 1.9 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.67, while the 21-day moving average remained at 0.58. 
2. Netflix Inc (NASDAQ:NFLX) stock is plummeting 11.2% before the bell, after the company posted a slim earnings beat and revenue that missed estimates. Netflix  also plans to trim its investor engagement reports. NFLX has shed 20% in 2026.
3. Space Exploration Technologies Corp (NASDAQ:SPCX) stock is off 4.3% in electronic trading, after the company halted its Starship mega rocket launch due to engine failures. SPCX yesterday logged its fifth-straight drop and continued its journey below its IPO price of $135. 
4. Alcoa Corp (NYSE:AA) stock is down 1.8% in premarket trading, the company brushing off a second-quarter earnings and revenue beat. The aluminum name did lower its 2026 production outlook for alumina, however. AA is 11.3% lower for 2026, and has taken a 44% haircut off its June 2 four-year peak of $84.38.
5. Expect a fresh batch of big name earnings next week.

Asian Markets Fall Alongside U.S. Counterparts

Asian markets fell today, as the semiconductor selloff expands. Japan’s Nikkei lost 4%, with SoftBank’s 9% gap lower weighing. Hong Kong’s Hang Seng lost 1.8%, while China’s Shanghai Composite gave back 3.1%. South Korea’s Kospi was closed for holiday.

In Europe, bourses are pointed lower, with investors scrambling to rotate into risk-off sectors. At last look, London’s FTSE 100 is down 0.1%, the French CAC 40 is 0.8% lower, and the German DAX is down 0.6%.