r/stocks
S&P 500, Nasdaq futures slide as OpenAI IPO delay report rattles techs
US tech futures drop as OpenAI's delayed IPO and soaring memory costs highlighted by Micron weigh on the market.
- OpenAI IPO delay to 2027 dampens tech sector sentiment.
- Soaring memory and storage costs threaten device makers' margins.
- Broad market indexes facing continuous downward pressure with four straight lower closes.
Tech led a retreat in US stocks before the bell on Friday, as a report of a potential delay to OpenAI's IPO added to the headwinds that have whipsawed markets this week.
Nasdaq 100 futures tumbled 1.2%, while those on the S&P 500 moved down 0.5% after both indexes closed lower Thursday for the fourth straight times this week.
Concerns are growing that the skyrocketing cost of memory and storage components could hit device makers, after Apple raised prices of its MacBooks and iPads. Memory chipmaker Micron's stellar earnings showed the squeeze is set to continue.
At the same time, a New York Times report that OpenAI is planning to push back it's mega IPO until 2027 is also dragging on appetite for techs.