Futures Drop on Google Antitrust News and China Market Concerns

US Futures Fall: US equity futures are down, with $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ slipping by 0.1%, following news that the Department of Justice (DOJ) is considering breaking up Alphabet’s $Alphabet-C (GOOG.US)$ search engine as part of an antitrust crackdown.

Alphabet Impact: Alphabet shares dropped 1.5% after the DOJ’s announcement, which could lead to a historic breakup of one of the world's largest tech companies.

China Market Plunge: Asian markets, particularly Chinese A-shares, saw a significant decline, the biggest one-day drop since February 2020. Investors are demanding more concrete stimulus actions from Beijing rather than verbal reassurances.

Megacap Tech Mixed: While Alphabet slid, $NVIDIA (NVDA.US)$ rose 1.4%, showing some resilience in megacap tech stocks.

Other Markets: Treasury yields remain steady at 4.03%, and the US dollar is gaining strength. Oil prices, however, continue to fall despite concerns over the Middle East and anticipation around China's potential stimulus measures.

Global News: Outside of the US, New Zealand’s central bank unexpectedly cut interest rates by 50 basis points, adding to global market volatility.