🔴 Tech ETF (SPTE) is trading 1.6% down in pre-market amid calls to slow frontier-AI development

SPTE is trading 1.6% lower in pre-market amid major AI companies’ calls to slow frontier-AI development.

• Nasdaq futures are down 1.61%, while Nasdaq 100 futures fell more than 1% in the broader technology selloff.
• Rising oil, with Brent near $107.75 after Saudi Arabia shut a pipeline, and 10-year Treasury yields near 5% are pressuring rate-sensitive growth stocks.
• Traders await the Federal Reserve’s September 16 decision, with roughly 90% pricing for a hike.