Stock market today: Live updates

U.S. stock futures were little changed on Monday night after a sell-off in tech giants dragged down the S&P 500.

S&P 500 futures and Nasdaq 100 futures were trading around the flatline. Futures tied to the Dow Jones Industrial Average rose by 54 points, or 0.1%.

During the day’s regular session, a decline in the technology sector pulled the S&P 500 to a loss of 0.37%. The tech-dominant Nasdaq Composite fell 1.32%. On the other hand, a gain in shares of Caterpillar boosted the Dow by 148.01 points, or 0.29%.

Investors rotated out of the “Magnificent Seven” names on Monday, with Amazon dropping nearly 5% and Meta Platforms falling 2%. Alphabet shares slipped 5%, notching their worst daily performance in over a year, as brain drain concerns mounted following the departure of two high-profile artificial intelligence researchers for rivals.

Elon Musk’s rocket maker SpaceX fell 16% and posted its third straight negative session.

“Anything AI- and tech-related is still an area of focus for retail traders. They’re just not as active in individual stocks as they have been in the past,” said Liz Ann Sonders, chief investment strategist at Charles Schwab, on CNBC’s “Closing Bell” on Monday afternoon. “Not a disinterest in the broader technology or AI space, it’s just the vehicles. I think it’s a little bit more of a focus on ETFs more broadly, as opposed to those individual stock trades.”

Sonders added that corporate earnings continue to serve as the most important underlying support for stocks at the moment.

Also on Monday, oil prices slipped after mediating parties Qatar and Pakistan made a joint statement detailing that the U.S. and Iran have made progress during talks in Switzerland toward reaching a final deal within 60 days. This includes an agreement to establish a committee and end military operations in Lebanon. The U.S. Treasury Department later authorized the sale of Iranian oil through August, causing oil prices to trade around their session lows.

Carnival and Korn Ferry will report earnings before Tuesday’s opening bell. Traders will also watch for June’s preliminary S&P Global PMI manufacturing and services readings.