US futures are showing modest gains ahead of the open, with the Dow leading (+0.55%) while tech-heavy Nasdaq lags (+0.09%). Asian markets delivered mixed results as Japan's export growth for the eighth consecutive month provided some optimism despite ongoing supply chain disruptions. European markets are trading sideways as investors digest retail headwinds and regulatory concerns around private credit exposure flagged by Australian authorities. The macro backdrop remains constructive with gold retreating from recent highs (-0.52%) and WTI crude holding above $96. The dollar is consolidating gains with EUR/USD at 1.1606 and USD/JPY testing 159 resistance. VIX uptick to 16.81 suggests cautious positioning despite overnight stability.

S&P 500 futures at $742.72 are testing resistance near yesterday's high. Key support lies at $735 with upside target at $750. Nasdaq futures at 26,293 show relative weakness, weighed by semiconductor selling. Dow futures at 50,286 benefit from financials strength, eyeing 50,500 breakout level.

NVDA leads decliners at $219.51 (-1.77%) on semiconductor rotation concerns. AMZN surges +1.30% to $268.46 on consumer resilience themes. AAPL gains +0.91% to $304.99 ahead of potential product updates. Financials JPM (+0.34%) and GS (+0.62%) extend recent outperformance.

Clear rotation from semiconductors into traditional value plays. Financials outperforming on rate environment stability. Consumer discretionary showing resilience despite retail store closure headlines. 📰 Key Catalysts Today SpaceX IPO filing details throughout session. Retail earnings after close. No major Fed speakers scheduled.

Semiconductor weakness could spread to broader tech. Rising USD/JPY may trigger intervention concerns. Private credit regulatory scrutiny expanding globally.

Semiconductor weakness could spread to broader tech. Rising USD/JPY may trigger intervention concerns. Private credit regulatory scrutiny expanding globally.