Pre-Market in Red

U.S. equity futures are under pressure in premarket trading, with the Nasdaq leading losses amid a sharp selloff in memory-chip names after SK Hynix warned of a severe memory shortage in 2027. The article says this could disrupt the AI trade because SK Hynix is a key memory supplier to NVIDIA. Broader risk sentiment is also being hit by escalating conflict in Iran, which has pushed oil prices higher, lifted Treasury yields, and tightened the yield curve. WTI is around $74/bbl and Brent around $79/bbl, up sharply from pre-conflict levels. Investors are also focused on a heavy Tuesday calendar featuring major bank earnings and June CPI, with headline inflation expected at -0.2% month over month, a result the piece links to lower crude prices after the Strait of Hormuz reopened. Overall, the tone is risk-off for tech and supportive for energy, while macro data could influence rates and sector rotation.