Wall Street Futures Slip After S&P 500 Tops 7,500 for First Time

CNBC reported Friday that US stock futures retreated in early trading after the S&P 500 closed above 7,500 for the first time and the Dow Jones Industrial Average reclaimed the psychologically significant 50,000 level.

Dow futures dropped around 132 points, or 0.26%. S&P 500 futures fell 0.37% and Nasdaq 100 futures declined 0.6%. The moves came despite a strong Thursday session, where the S&P 500 gained 0.8%, the Nasdaq climbed 0.9%, and the Dow added roughly 370 points.

A Rally Built on Tech’s Shoulders

The S&P 500 record high caps a seventh consecutive week of gains for the index and the Nasdaq. The Dow is on pace for a sixth winning week in seven. Yet analysts are flagging a notable imbalance beneath those headline numbers.

Keith Lerner, chief investment officer at Truist Advisory Services, told CNBC that the so-called broadening trade has largely stalled. He noted that broader market activity remains subdued while the largest technology names continue to carry the major indices. The rally, he cautioned, is top-heavy.

Trump-Xi Summit Shapes Market Mood

Investors tracked the conclusion of high-stakes talks between US President Donald Trump and Chinese President Xi Jinping. Trump said in a Fox News interview that China had agreed to purchase American oil, with shipments set to depart from Texas, Louisiana, and Alaska.

Oil markets responded quickly. Brent crude futures for July rose around 1.5% to roughly $107.30 a barrel, while West Texas Intermediate climbed to near $102.74 per barrel. The two sides also jointly affirmed that the Strait of Hormuz must remain open to navigation.

Asia Sells Off as Summit Concludes

Asian markets bore the brunt of the uncertainty. South Korea’s Kospi fell more than 6%, pulling back sharply after briefly topping the 8,000 milestone. Samsung Electronics dropped more than 8% after its labor union confirmed it would proceed with a planned 18-day strike beginning May 21, involving over 45,000 workers.

Japan’s Nikkei 225 lost nearly 2%. Hong Kong’s Hang Seng fell 1.55% and China’s CSI 300 dropped 1.12%. Precious metals also came under pressure, with spot gold sliding 1.4% to around $4,583 per ounce and silver off more than 5%.

IPO Pipeline Heats Up

Away from the macro noise, two listings attracted attention. Cerebras, the AI chipmaker that recently debuted on public markets, saw its shares climb 6% in after-hours trade. Separately, SpaceX is preparing to release its prospectus as early as next week, following a confidential IPO filing submitted in April.