US futures are mixed with S&P futures modestly higher offset by a slide in tech: as of 8:00am ET, S&P futures are up 0.1% while Nasdaq futures drop 0.5%, hit by a plunge in Sandisk (down 9% in pre-market), and rival Western Digital which tumbled 15%, after both companies reported earnings. AppLovin also slumped 16% after missing revenue estimates while DataDog tumbled as much as 18% after guidance wasn't strong enough, and pushed Nasdaq to session lows. Mag 7 stocks are mixed (AAPL +1.0% and GOOGL +0.7% are among the outperformers). Asian stocks declined, led by losses in heavyweight chipmakers following earnings reports from US peers that renewed concerns over the stretched rally in memory-related shares. European shares were more resilient and advanced for a 4th day on hopes of an Iran deal (that was supposed to happen two days ago) as strong earnings boosted sentiment, with WPP Plc leading gains in the media sector. Bond yields are 1-2bp higher. Commodity prices were mostly higher: base metals are all higher this morning; gold +0.6%, while silver -0.4%. Overnight, not many incremental updates on US/Iran, with investors waiting for the details of the Iran/Oman deal around the Strait of Hormuz.

In premarket trading, Mag 7 stocks are mostly higher, offseting a plunge in chip/memory names (Apple +1.1%, Amazon +0.7%, Meta +0.5%, Alphabet +0.5%, Nvidia +0.6%, Tesla unchanged, Microsoft -0.6%)

Albemarle (ALB) gains 3% after the chemicals company reported second-quarter adjusted earnings per share that beat the average analyst estimate on strong lithium prices.

AppLovin (APP) drops 19% after the mobile-app marketing company reported revenue for the second quarter that was slightly below the average analyst estimate. The company's forecast for adjusted Ebitda and adjusted Ebitda margin also came in below consensus expectations.

Celsius (CELH) drops 17% after the energy drink maker's adjusted EPS and revenue fell well short of Street expectations.

Constellation Energy (CEG) rises 4% after the nuclear power plant operator boosted its adjusted operating earnings per share forecast for the full year.

Datadog (DDOG) slumps 17% after the software company posted an adjusted gross margin for the second quarter that trailed the average analyst estimate.

Duolingo (DUOL) falls 8% after the language-learning software company gave a revenue and bookings forecast for the third quarter that fell short of expectations.

Figma (FIG) falls 15% after the creative software platform gave revenue guidance for the third quarter that disappointed Wall Street. The firm also posted a second-quarter operating margin that dropped from the first quarter.

Fiserv (FISV) falls 9% after the fintech slashed its full-year profit outlook and posted quarterly earnings that fell short of analyst estimates as revenue slumped.

Honeywell Aerospace (HONA) declines 14% after the aerospace and defense company reduced its outlook for the full year to reflect supply chain issues.

HubSpot (HUBS) is down 23% after the maker of customer-relationship management software forecast revenue for the current quarter that fell short of the average analyst estimate.

Sandisk (SNDK) is down 9% after the computer hardware company's revenue forecast for the first quarter missed the average analyst estimate.