Wall Street headed for the red with Netflix and chips leading the charge lower

Wall Street looks set to be headed for the red with US stock futures falling on Friday, leaving the major indices on course for weekly losses as the semiconductor sell-off rolled on. Dow Jones futures slipped 0.6%, and S&P 500 contracts dropped around 0.8%. Nasdaq-100 futures were the weakest, down about 1.6%, after a soft Wall Street session and the launch of the world's most powerful open AI model by China's Moonshot. Netflix shed more than 10% in premarket trading after third-quarter revenue guidance fell short, with the streaming group pointing to a "dynamic and competitive" entertainment landscape. The tech-led rally from March lows has stalled as investors question the scale of corporate spending on artificial intelligence. The PHLX Semiconductor Index tumbled over 4% on Thursday, and Japan's Nikkei 225 followed with a 4% fall. Truist Financial and Fifth Third Bancorp (NASDAQ:FITB) close out the week's earnings, alongside the University of Michigan consumer sentiment reading.