Wall Street set for mixed open, CrowdStrike slumps after global outage
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Nasdaq says U.S. markets to open normally
Netflix slips on downbeat Q3 revenue, subscriber additions forecast
SLB up after beating quarterly profit estimates
Insurer Travelers gains on higher Q2 profit
Futures: Dow down 0.19%, S&P 500 up 0.10%, Nasdaq up 0.15%
Updated at 8:42 a.m. ET/1242 GMT
By Lisa Pauline Mattackal and Ankika Biswas
July 19 (Reuters) -U.S. stock index futures pointed to a mixed open in choppy trading on Friday as investors pausedafter a two-day selloff and assessed the impact of a sweeping global tech outage that weighed heavily on CrowdStrike shares.
An update to one of CrowdStrike's CRWD.O products appeared to be the trigger for the cyber outage that affected customers using Microsoft's MSFT.O Windows Operating System, disrupting businesses across sectors and sending the cybersecurity firm's shares down12.6% in premarket trading.
Major U.S. airlines ordered ground stops citing communication issues, while the Euronext exchange andLondon Stock Exchange Group's LSEG.L Workspace news and data platform also faced issues.
LSEGsaid its data and services were back online, while the Nasdaq NDAQ.O said it expected U.S. markets to open normally.
Microsoft shed 1.2%, on track for its fourth straight day of losses driven by a rout in tech stocks.
"Any hint of bad news, because they're (tech stocks) so priced to perfection is going to hurt these stocks, both (CrowdStrike and Microsoft) are excellent companies and are worthwhile long-term holds," said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.
The disruption comes after twogrueling sessions for Wall Street, as investors assessed second-quarter earnings and a move away from megacap tech stocks that have primarily driven the equity rally in 2024.
Megacap stocks were largely mixed, with Nvidia NVDA.O and Amazon.com AMZN.O losing 0.2% each, while Apple AAPL.O and Alphabet GOOGL.O gained 0.9% and 0.8%.
"We're in a scenario where finally the markets realized that there's better opportunities in other places ... now profit-takingin Big Techhas created this rotation," Blancato said.
Chip stocks also struggled for direction. U.S.-listed shares of Taiwan Semiconductor Manufacturing TSM.N were down nearly 1%, while Arm Holdings ARM.O jumped 2.8%.
Over the past two sessions, the tech-laden Nasdaq .IXIC has fallen 3.5%, the benchmark S&P 500 .SPX lost 2.1% and the Russell 2000 .RUT snapped a five-day winning streak on Wednesday.
Russell futures RTYcv1 edged 0.1% higher.
Signaling investor unease, the VIX .VIX - Wall Street's "fear gauge" - was trading at its highest since early May.
Investors will also await comments from U.S. Federal Reserve officials John Williams and Raphael Bostic for hints on the monetary policy path later in the day.
Markets have broadly priced in a 25-basis-point interest-rate cut from the Fed's September meeting and still expect two cuts by the year-end according to LSEG data.
At 8:42 a.m. ET, Dow e-minis 1YMcv1 were down 78 points, or 0.19%, S&P 500 e-minis EScv1 were up 5.75 points, or 0.1%, and Nasdaq 100 e-minis NQcv1 were up 29 points, or 0.15%.
Meanwhile, cybersecurity shares rose, with Palo Alto Networks PANW.O jumping 3.4% and SentinelOne S.N up 10.2% after the global disruption.
NetflixNFLX.O rose 1.1%, reversing earlier losses after the streaming giant beat expectations for subscriber gains even as itcautioned that third-quarter subscriber additions would be lower than a year earlier.
Intuitive Surgical ISRG.O climbed 5% after second-quarter results beat estimates, while Eli Lilly LLY.N jumped 2.5% after its weight-lossdrug tirzepatide was approved in China.
0ilfield services provider SLB SLB.N andinsurer Travelers Companies TRV.N both rose 2% after reporting strong profit for the second quarter.
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Pooja Desai and Devika Syamnath
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