09:01 AM EDT, 06/26/2026 (MT Newswires) -- (Updates with latest index futures, equity, and oil prices in the second, third, and sixth paragraphs, respectively, and updated economic results in the seventh and eighth paragraphs.)

Tech stocks swooned and broader equity index futures declined in Friday's premarket trading amid concerns about the profitability of AI, lingering worries about Middle East stability, and potential interest rate hikes.

Nasdaq futures were down 1.0% while S&P 500 futures fell 0.3% and Dow futures advanced 0.1% in the pre-bell session.

The tech sector was dragged down by chipmakers including Micron Technologies (MU), down 6.2%, Intel ( INTC ) , down 3.8%, AMD (AMD), down 4%, and Nvidia ( NVDA ) , down 1.7%, while memory storage firm Western Digital (WDC) was down 5.9%.

Investors were spooked by reports that Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering and an Iranian attack on a ship transiting the Strait of Hormuz. Inflation fears have also spiked in recent days after US President Donald Trump delayed signing a bi-partisan bill to bring down housing costs, diminishing hopes of a rate cut.

Despite elevated security concerns in the Persian Gulf, oil prices continued a slide that has followed the signing of a memorandum of understanding between Washington and Tehran that saw the reopening of the Strait of Hormuz to commercial ship traffic.

Brent crude was down 3.1% to $72.94 per barrel while West Texas crude prices were down 2.8% to $69.90 per barrel, the lowest levels since the start of the Feb. 28 attacks by the US and Israel on Iran that sparked months of war and uncertainty.

May's goods trade gap rose sharply. Imported goods exceed exports by $105.76 billion, up from a revised figure of $83.0 billion in April and above the $85.0 billion expected by analysts.

May wholesale inventories increased 0.3%, down from a 0.7% increase in April and below the expected 0.4% rise.

Analysts expect a rise in June consumer sentiment to 50.0 from 48.9 in May in the University of Michigan survey set for release at 10 ET