S&P 500 futures are flat after index posts back-to-back losses amid tech selloff: Live updates

S&P 500 futures were little changed Monday night after a selloff in technology stocks weighed the broad market index down for the second session in a row.

Futures tied to the S&P 500 were up 0.1%, while Nasdaq 100 futures rose 0.2%. Dow Jones Industrial Average futures advanced 25 points, or 0.05%.

Both the S&P 500 and Nasdaq Composite posted their second straight day of losses on Monday. The broad market index slipped 0.07%, while the technology-heavy Nasdaq closed 0.51% lower. The blue-chip Dow bucked the trend, adding 159.95 points, or 0.32%.

Memory chip stocks sold off on Monday, with Seagate tumbling after CEO Dave Mosley made comments at a JPMorgan conference that raised fears the company may have troubles meeting an artificial intelligence-driven surge in demand. He remarked that building new factories "would just take too long." The stock dropped almost 7%, while peer Micron Technology fell close to 6% in sympathy. Other artificial intelligence-adjacent stocks also declined on Monday.

Monday's losses come after stocks have rallied to new highs in recent weeks, with both the S&P 500 and Nasdaq hitting fresh record highs last week, while the Dow briefly recaptured the 50,000 level. However, Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research, believes that the market rally has already seen its best days.

"From a positioning standpoint and how stretched things have gotten, probably means that you don't see as sharp of the rallies that we were seeing certainly off the throes of the low in March," he said on CNBC's "Closing Bell: Overtime" on Monday afternoon.

In a Monday Truth Social post, President Donald Trump announced that he was calling off a plan to attack Iran on Tuesday after the heads of three regional powers in the Middle East asked him to "hold off."

Home Depot, Eagle Materials and Amer Sports are set to report earnings before Tuesday's opening bell. Traders will also watch out for April's pending home sales reading.

— CNBC's Kevin Breuninger contributed reporting.

Layoffs have hit the information technology sector hard — a fact that could have considerable effects on U.S. economic growth, according to a new note from Bank of America.

In April, 40% of layoffs were in technology, posing risks for consumption growth, the bank noted.

"The engine of consumption growth from the 80s onward - skilled professional services, filled by college grads - is gumming up," head of U.S. equity and quantitative strategy Savita Subramanian said Monday in a note to clients. "April's layoffs were in Tech; the college grad u-rate is at recessionary levels."

The strategist added that "by payroll dollars, layoffs are very significant."

The wave of layoffs comes as investors weigh whether artificial intelligence will disrupt a wide range of industries, from financial services to software and legal services.

That has led several publicly traded firms to integrate AI into their businesses, even leveraging it to slash their staff. However, the stock market's reaction to those workforce reductions has proven far from predictable, underscoring the uncertainty surrounding widening AI adoption.

The average rate on a 30-year fixed mortgage climbed to 6.68% on Monday.

The bump on the 30-year rate touched its highest level since July 31, 2025, when it was 6.75%.

Rates on the 30-year mortgage are closely linked to the action in the 10-year Treasury.

The increase in the borrowing rate comes as the yield on the 10-year Treasury touched a high of 4.631%, the highest it has been since Feb. 12, 2025.

These are the stocks moving the most in extended-hours trading:

Stock futures traded near flat on Monday night.

Shortly after 6 p.m. ET, futures tied to all three major averages were trading around the flatline.