Tech Stocks Waver Amid H-1B Visa Policy Shakeup
U.S. stock index futures edged lower amid uncertainty over President Trump's visa policies after hitting record highs. The Trump administration's proposed hike in H-1B visa fees pressured tech stocks reliant on foreign talent. Wall Street's rally was driven by AI-stock enthusiasm, interest rate cuts, and optimism around small-cap companies.
U.S. stock futures indicated a downward shift on Monday following Wall Street's record highs last week. Market enthusiasm was dampened by President Donald Trump's proposed increase in H-1B visa fees, impacting major tech companies heavily reliant on foreign skilled labor.
Microsoft and Amazon.com, along with other tech giants sensitive to visa policy changes, saw a slight dip in premarket trading. The proposed $100,000 visa fee led to concerns among firms like Cognizant and Intel, who are major users of the H-1B program.
Recent enthusiasm driven by AI-linked trading and anticipated interest rate cuts had previously pushed indexes higher. However, ongoing policy uncertainty and forthcoming economic data have left the market treading carefully. Pfizer gained positive momentum after announcing a major acquisition deal.
(With inputs from agencies.)
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