Stock futures are little changed as major averages head for losing week; Netflix tumbles after earnings: Live updates

Stock futures were little changed on Thursday after a tough session on Wall Street in which semiconductors struggled, while traders weighed the latest quarterly earnings reports.

Dow Jones Industrial Average futures slipped 33 points, or 0.1%. S&P 500 futures lost 0.1% as well, along with Nasdaq-100 futures.

Netflix shares dropped more than 8% after its second-quarter results came in line with analyst expectations.

Thursday’s moves come after a decline in chipmakers dragged the broader market lower. The S&P 500 shed 0.5% on the day, while the Nasdaq Composite dropped 1.5%. The Dow closed 105.67 points lower, or 0.2%.

The VanEck Semiconductor ETF (SMH) slid nearly 4% as Taiwan Semiconductor lost more than 2% following a mixed second-quarter report. While the company’s bottom line surged from the year-earlier period, Taiwan Semi also hiked its full-year spending outlook. Marvell Technology, STMicroelectronics and Micron followed Taiwan Semiconductor lower.

Thursday’s decline put SMH down 6.9% for the week, on pace for its third weekly decline in four weeks. The major stock benchmarks are also down week to date, with the S&P 500 off by 0.6%, while the Dow and Nasdaq have slipped 0.2% and 1.5%, respectively.

Despite the recent turbulence in the artificial intelligence trade — chips in particular — the S&P 500 remains about 1% below its all-time high set in early June.

“The fact that the market hasn’t fallen apart tells me that this likely not a major bull peak,” Ed Clissold, chief U.S. strategist at Ned Davis Research, told CNBC’s “Closing Bell.” “I’d be more concerned if the Russell 2000 had severely underperformed over the past few weeks.”

He added that, while the economy may “slow down a little bit” near term, a recession is unlikely. Clissold also said consolidation periods in the market may help the market take some froth out of certain sectors.