S&P 500 futures pull off intraday lows as the market navigates the September contract expiration with surprisingly muted volatility. Dan Deming explores the latest price action and dispersion across major U.S. indices, noting that while the Nasdaq-100 finds support from strength in the semiconductor sector, the Russell 2000 and Dow Jones face heavier selling pressure. This sector rotation, particularly weakness in materials and utilities, continues to cap the broader market. Deming highlights that S&P 500 futures remain range-bound near the 7,700 level, consolidating at the lower end of the September range but holding steady week-over-week.