Dow futures fall 150 points as stocks fall for a second day
The US stock futures fell Tuesday, indicating a second day of losses for a stock market that had risen steadily to break record after record.
The Dow Jones Industrial average futures fell 155 points, or 0.5%. S&P 500 futures lost 0.4%. Nasdaq 100 futures were also down 0.4%.
The main averages fell on Monday, driven by the general weakness in the tech sector. The Dow Jones Industrial Average lost more than 120 points, hurt by a more than 1.5% decline in Intel stock. The S&P 500 fell more than 0.5%.
The Nasdaq Composite was the relative underperformer, falling nearly 1% as Facebook, Amazon and Microsoft all closed lower. Tesla fell more than 3% as Bitcoin – which makes up part of Tesla’s balance sheet – fell over the weekend after an all-time high of $ 64,841 on Wednesday morning, according to Coin Metrics.
Tech stocks were weak again on the Tuesday prior to trading, with Tesla and Nvidia stocks lower.
The small-cap benchmark Russell 2000 fell 1.4% on Monday and was set for further losses on Tuesday, with futures on the index falling 0.8%.
The Dow and S&P 500 closed on records on Friday and the Dow topped 34,000 levels for the first time last week.
The first quarter earnings season got off to a good start last week, major US banks reported. Financial results exceeded expectations by 38%, while others in the S&P 500 surprised upward by 12%, according to data from Credit Suisse.
The winning season continues on Tuesday with streaming giant Netflix after the bell. Wall Street analysts expected Netflix to remain a winner in the streaming space even as the pandemic recovery improves.
More big reports from Johnson & Johnson, Procter & Gamble and Travelers land before the market opens. CSX and Interactive Brokers publish the results after the bell.
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