S&P 500 futures remain largely unchanged after a tech sell-off pulls down major averages: Live updates
Traders at the New York Stock Exchange (NYSE) in New York, US, on Wednesday, January 28, 2026, were witnessing a volatile market. Futures tied to the S&P 500 were nearly flat on Tuesday night, as traders shifted their focus away from tech stocks, causing the broad market index to experience a decline.
S&P 500 futures slipped by 0.1%, while Nasdaq 100 futures were down by 0.2%. Futures for the Dow Jones Industrial Average added 23 points, which is less than 0.1%.
In extended trading, Chipotle's shares plummeted by nearly 7% after the restaurant chain reported a fourth consecutive quarter of declining traffic and projected flat same-store sales growth for 2026. Advanced Micro Devices' shares also dropped by more than 7% after its first-quarter forecast fell short of analysts' expectations.
The previous session saw major U.S. stock averages experiencing a downturn as investors moved away from riskier growth stocks and toward cyclical stocks like Walmart. The S&P 500 lost approximately 0.8%, while the tech-heavy Nasdaq Composite declined by 1.4%. The 30-stock Dow shed nearly 167 points, or 0.3%, after reaching a new record earlier in the day.
During the regular session, Nvidia and Microsoft each witnessed a decline of over 2%. Major artificial intelligence infrastructure companies like Broadcom, Oracle, and Micron Technology also closed in the red. Software stocks experienced a downturn, with ServiceNow and Salesforce dropping by nearly 7%. The tech sector emerged as the worst performer in the S&P 500, with a decline of over 2%.
Shares of private credit firms, including Blue Owl and TPG, declined due to concerns about artificial intelligence potentially disrupting the software industry. Joe Tanious, the chief investment strategist at Northern Trust Asset Management, attributed the broader market decline to a combination of cross-currents impacting the markets simultaneously, while maintaining confidence in the underlying fundamentals.
As markets become more selective and nuanced in their exposure to specific companies, Tanious highlighted the stretched valuations resulting from a three-year market rally with double-digit returns. He warned that even minor disruptions could trigger a market capitulation, similar to the current situation.
A busy earnings week is underway, with Alphabet scheduled to report results on Wednesday and Amazon due on Thursday.
