U.S. technology stocks were set for a weaker opening Tuesday as rising oil prices and renewed pressure on artificial-intelligence shares threatened to reverse part of Monday’s rebound.
Nasdaq 100 futures were down about 0.6% in early trading, while S&P 500 futures slipped roughly 0.2%. Dow futures were little changed to slightly higher.
The move comes one day after the Nasdaq Composite gained 1.1%, ending a difficult stretch for technology shares as investors returned to semiconductor and AI-linked stocks.
That recovery is already facing another test.
CoreWeave fell about 3% in premarket trading and Nebius declined nearly 3%, while Apple was down around 1% and Nvidia traded modestly lower.
Oil is adding another source of pressure. Brent crude climbed to a five-month high as continuing attacks affecting shipping and Saudi energy infrastructure reinforced concerns about supply availability.
Higher crude prices matter beyond the energy market. Persistent energy inflation can complicate the Federal Reserve’s inflation outlook, keep bond yields elevated and increase financing pressure on the highly valued technology companies that have led the AI investment cycle.
The market is therefore confronting two related questions: whether AI companies can generate returns sufficient to justify enormous infrastructure spending, and whether higher energy and financing costs will make that investment cycle more difficult.
Corporate earnings now become the next major test.
Investors are preparing for results from several major technology companies this week after an unusually volatile period for AI-related shares.
The key signal Tuesday will be whether Monday’s technology rebound can survive another rise in oil prices. A renewed decline would suggest that concerns over AI valuations, financing costs and energy inflation remain powerful enough to overwhelm bargain buying after last week’s selloff.
