Nasdaq futures plunge 260 points: 5 things to know before Wall Street opens

Impact · against what's priced in

Alphabet's massive negative free cash flow directly undermines the market's baseline margin assumptions, while Microsoft's results provide concrete evidence for the cash generation the price already requires. The broader tech sell-off, including Fortinet, reflects a shift toward penalizing AI capex that isn't immediately monetized, regardless of historical growth cycles.

GOOGL−0.80

Challenges what's priced in

The price assumes