Stock futures slip after Big Tech selling pushes S&P 500 off record

1 month ago 130

FAANG stocks displayed astatine the Nasdaq.

Adam Jeffery | CNBC

Futures contracts tied to the large U.S. banal indexes slipped astatine the commencement of the overnight league Monday evening aft investors punished Big Tech equities during the regular session.

S&P 500 futures shed 0.1%, portion those tied to the Dow were small changed. Nasdaq 100 futures came nether the astir unit and retreated 0.25%.

Big Tech got clobbered connected Monday arsenic investors exited stocks similar Apple and Microsoft, pushing the Dow Jones Industrial Average and the S&P 500 disconnected their grounds highs. Both of those stocks mislaid astatine slightest 2% to commencement the week.

The Nasdaq Composite suffered the worse of the selling and fell 2.5%, finishing the time astatine its league low. Facebook mislaid much than 4%, portion Amazon and Netflix some dropped implicit 3%. Alphabet dipped much than 2% aft a downgrade by Citigroup. Cathie Wood's Ark Innovation ETF fell 5% to its lowest level since November arsenic Tesla, its apical holding, shed much than 6%.

Gasoline futures whipsawed successful volatile trading connected Monday aft a ransomware onslaught forced Colonial Pipeline to close the largest U.S. substance pipeline implicit the weekend. The company, which operates a 5,500-mile system, said Monday day that parts of its strategy are being brought backmost online, and it hopes to reconstruct work by the extremity of the week.

Gasoline futures ended the time 0.31% higher astatine $2.1334 per gallon. At 1 constituent successful the overnight session, gasoline futures jumped arsenic precocious arsenic $2.217, levels not seen since May 2018.

Several stocks made moves successful extended trading connected Monday pursuing net results.

Simon Property Group saw its banal retreat astir 1% aft the doorbell contempt better-than-expected numbers. The existent property spot manager reported first-quarter net of $1.36 per stock connected revenues of $1.15 billion.

Callaway Golf, meanwhile, said it's seeing robust request for its instrumentality and apparel, pushing shares up 5% aft regular trading ended successful New York. Electronic Arts, Chesapeake EnergyHanesbrands, and Palantir Technologies volition each present net results connected Tuesday.

The Labor Department volition connected Tuesday people the latest results of its Job Openings and Labor Turnover Survey. Several high-ranking Federal Reserve officials, including Governor Lael Brainard and New York Fed President John Williams, are besides scheduled to present remarks.

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