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U.S. stock index futures pointed lower Tuesday, ahead of the release of results from megacap technology giants including Microsoft and Google owner Alphabet.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
-0.55%
fell 210 points, or 0.6%, to 33,755. -
S&P 500 futures
ES00,
-0.48%
dropped 23.50 points, or 0.6%, to 4,269.25. -
Nasdaq-100 futures
NQ00,
-0.49%
lost 80.75 points, or 0.6$, to trade at 13,455.
Monday saw the biggest intraday reversal since February for the Dow Jones Industrial Average
DJIA,
which rose 238 points, or 0.7%, erasing a loss of nearly 500 points. The S&P 500
SPX,
rose 0.6%, and the Nasdaq Composite
COMP,
gained 1.3%.
Also read: U.S. stocks ended a Manic Monday in the green — but intraday bounces like this aren’t bullish
What’s driving markets
“There were not any new headlines driving this whiplash and instead these gyrations were propelled by the market’s ongoing tug-of-war between bulls and bears,” said Jani Ziedins, who writes the Cracked Market blog.
“While lower prices could very easily be ahead of us, the midday bounce off of 4,200 support gave us the perfect bounce entry.”
Investors were wading into the busiest week of the U.S. corporate earnings reporting season, digesting results from a number of corporate heavyweights released ahead of the opening bell, while looking ahead to results from megacap tech players Microsoft Corp.
MSFT,
and google parent Alphabet Inc.
GOOG,
In U.S. economic data, orders at U.S. factories for durable goods rose 0.8% in March and business investment rebounded after the first decline in a year, signaling the economy is still growing at a steady pace. The rise durable-goods orders matched the consensus expectation produced by a survey of economists by The Wall Street Journal.
Data due later Tuesday include U.S. consumer confidence and new-home sales. A survey from Morning Consult showed consumer spending across most categories fell in March due to rising prices.
Companies in focus
-
3M Co.
MMM,
-0.38%
shares fell 0.3% in premarket trade after the maker of post-it notes and industrial equipment posted better-than-expected first-quarter earnings. -
Shares of PepsiCo Inc.
PEP,
+0.92%
edged lower after delivering earnings and revenue that exceeded Wall Street forecasts. -
United Parcel Service Inc.
UPS,
+1.33%
shares rose after the package delivery giant reported first-quarter profit and revenue that beat expectations.
