Wall Street futures pointed lower pre-bell Friday as traders again weighed heavy chip-sector capital outlays alongside rich valuations, against a backdrop of a still-troubled Strait of Hormuz.

In the futures, the S&P 500 fell 0.8%, the Nasdaq declined 1.4% and the Dow Jones was off 0.6%.

The VanEck Semiconductor ETF (SMH) traded down 2% pre-bell.

West Texas Intermediate crude oil traded up 2% at $80.55 in morning action.

Asian exchanges traded mostly lower overnight, led by tech-sector losses.

European bourses tracked moderately south midday on the continent.

Netflix (NFLX) traded down 9.7% pre-bell after the streaming giant reported Q2 financial results in line with expectations, but tempered guidance, late Thursday.

On the economic calendar is the housing starts and permits report for June, and the import and export prices bulletin for June, at 8:30 am ET.

The industrial production bulletin for June posts at 9:15 am, followed by the University of Michigan consumer sentiment report for July at 10 am.

The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm.

In pre-market action, bitcoin traded at $63,024, and 10-year US Treasuries offered 4.52%. Spot gold commanded $3,996 an ounce.