U.S. Stock Futures Slide as Tech Weakens and Yields Rise

U.S. stock index futures fell Friday, May 15, 2026, as technology shares retreated and U.S. Treasury yields climbed. The move followed a summit between President Donald Trump and Chinese President Xi Jinping that ended without major policy breakthroughs, adding to investor caution. S&P 500 futures fell 1.2%, Nasdaq-100 futures lost 1.6%, and Dow Jones Industrial Average futures were down 440 points, or 0.9%.

Technology stocks led declines after a strong recent run, with investors taking profits across major chip names. Intel fell 4%, while Advanced Micro Devices and Micron Technology each dropped 3%. Nvidia was down 2%.

Cerebras Systems, which surged 68% on Thursday after beginning trading on the Nasdaq, slipped 3%. Microsoft was an outlier, rising 0.6% after Bill Ackman said Pershing Square had built a position in the company.

Rising yields add pressure to growth shares

In rates markets, Treasury yields rose, with the 30-year rate moving above 5.1% and nearing its 2023 high. The increase was tied to recent inflation data and elevated oil prices, factors that can weigh more heavily on high-growth stocks.

Oil prices also climbed. U.S. West Texas Intermediate futures rose 3% to $104 per barrel, while international Brent futures gained 2% to $108, adding to concerns about inflation staying sticky.

U.S.-China summit leaves investors looking for detail

Investors also digested the end of the Trump-Xi summit, which concluded with no major deals announced. The lack of clear deliverables, including an underwhelming Boeing jet order announcement, contributed to the risk-off tone in early trading.

Markets will continue to watch whether new details emerge from the summit and whether yields and energy prices remain elevated into the next week.