Equity index futures fell as chip stocks dragged down markets.

Scott Bauer reviews the latest market action, noting that Equity index futures faced downward pressure as a sell-off in chip stocks overshadowed solid corporate earnings and positive banking sector reports. Economic data presented a strong front, with the Philly Fed manufacturing index soaring to a multi-year high of 41.4 in July and weekly jobless claims coming in lower than expected. In the options market, flow shifted back toward puts, indicating a cautious stance among market participants. Meanwhile, Bitcoin futures traded in a tight range near 64,000, a pattern that has historically preceded significant market movements.