Stock futures steady after tech retreat
Investors should buy tech stocks in market pullbacks: Investment strategist
BMO Capital Markets chief investment strategist Brian Belski on his outlook for the market, sharing that he is still bullish for the long-term.
U.S. equity futures look to rebound from Tuesday's selling.
The major futures indexes suggest a gain of 0.4% when the trading begins in Wall Street.
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On Tuesday, Wall Street's benchmark S&P 500 index lost 0.7%, dragged down by more declines for tech stocks including Apple and Microsoft.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34133.03 | +19.80 | +0.06% |
| SP500 | S&P 500 | 4164.66 | -28.00 | -0.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13633.503441 | -261.61 | -1.88% |
The S&P 500 declined to 4,164.66. The technology-heavy Nasdaq Composite dropped 1.9%, to 13,663.50.
The Dow Jones Industrial Average added 0.1% to 34,133.03.
Apple fell 3.5% and Facebook slid 1.3%. Google’s parent company dropped 1.5% and Amazon lost 2.2%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE, INC. | 127.85 | -4.69 | -3.54% |
| FB | FACEBOOK, INC. | 318.36 | -4.22 | -1.31% |
| GOOGL | ALPHABET, INC. | 2,306.83 | -36.25 | -1.55% |
| AMZN | AMAZON.COM, INC. | 3,311.87 | -74.62 | -2.20% |
Investors are watching corporate earnings and looking ahead to Friday's U.S. jobs data.
Investors will get the first of the week's labor-related reports with ADP's report on private sector hiring.
Economists are looking for a gain of 800,000 private-sector jobs, significantly above March’s slightly weaker than expected increase of 517,000.
The Institute for Supply Management will report its non-manufacturing PMI for April. This key gauge of activity in the services sector of the economy is expected to expand further into record territory to 64.3, taking out the previous month’s record high of 63.7. Any reading above 50 indicates expansion.
US TRADE DEFICIT HITS RECORD
General Motors will jump-start Wednesday’s earnings parade when the automaker posts 1Q results ahead of the opening bell.
After the close of trading attention will turn to Fox News and Fox Business parent Fox Corporation, ride-hailing service Uber Technologies, life and health insurer MetLife, and online payments giant PayPal.
In Europe, London's FTSE added 1.2%, Germany's DAX gained 1.4% and France's CAC rose 1%.
In Asia, the Hang Seng in Hong Kong lost 0.5%, while markets in China and Japan were closed for holidays.
Most economic indicators point to improving conditions, but investors are worried about renewed coronavirus outbreaks and a possible uptick in inflation.
Remarks by Treasury Secretary Janet Yellen appeared to stoke those worries. Selling on Wall Street accelerated after Yellen said interest rates may have to rise to keep the economy from overheating. She later downplayed her comments during an interview with The Wall Street Journal after markets closed.
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In energy markets, benchmark U.S. crude gained 80 cents to $66.51 per barrel. The contract rose $1.20 on Tuesday to $65.69 a barrel. Brent crude, used to price international oils, added 85 cents to $69.73 per barrel in London. It advanced $1.32 cents the previous session to $68.88 a barrel.
The Associated Press contributed to this report.
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