Stock Index Futures Slip as Tech Selloff Continues, Iran in Focus

Oleksandr Pylypenko

Tue, May 19, 2026 at 6:34 AM EDT 9 min read

June S&P 500 E-Mini futures (ESM26) are down -0.38%, and June Nasdaq 100 E-Mini futures (NQM26) are down -0.65% this morning, pressured by a retreat in technology stocks, while investors await signs of progress toward a peace deal in the Middle East.

The price of WTI crude dropped over -1% on Tuesday after U.S. President Donald Trump said he would postpone a planned U.S. strike on Iran at the request of Gulf leaders to allow room for negotiations with Tehran on a potential deal to end the conflict between the two countries. The U.S. delayed the strikes “for a little while, hopefully maybe forever,” because “we’ve had very big discussions with Iran, and we’ll see what they amount to,” Trump said at the White House on Monday evening. Still, the 10-year T-note yield rose two basis points to 4.62% as oil prices stayed above $100 a barrel, curbing risk appetite.

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“The lack of clarity around diplomatic progress and the risk of renewed escalation are still keeping markets cautious,” according to The Revacy Fund’s Zaheer Anwari.

In yesterday’s trading session, Wall Street’s main stock indexes ended mixed. Chip and AI infrastructure stocks cratered, with Seagate Technology Holdings (STX) plunging over -6% and Micron Technology (MU) slumping more than -5%. Also, cryptocurrency-exposed stocks sank after Bitcoin dropped more than -2%, with Strategy (MSTR) sliding over -6% and Coinbase Global (COIN) falling more than -3%. In addition, Regeneron Pharmaceuticals (REGN) tumbled over -9% and was the top percentage loser on the S&P 500 and Nasdaq 100 after a trial assessing the efficacy of its experimental skin cancer drug, fianlimab, failed to demonstrate a statistically significant improvement in progression-free survival. On the bullish side, Dominion Energy (D) climbed over +9% after NextEra Energy confirmed it would acquire the company in an all-stock deal valued at about $67 billion.

“Strong equity markets (outside of Friday’s sell-off), upside inflation surprises, and resilient growth likely cannot coexist indefinitely,” said Stephanie Roth at Wolfe Research. Her view is that “rates likely continue repricing higher until either growth weakens, equities begin to crack more materially, or Trump reaches his pain threshold and takes a deal with Iran.”