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U.S. equity futures are moving lower hours before the opening bell Wednesday as Wall Street awaits earnings reports from both Home Depot and Macy's.
DOW JONES AVERAGES
NASDAQ COMPOSITE INDEX
On Wall Street, the S&P 500 fell 0.8% to 3,876.50, extending its losses to a fifth straight day. The benchmark index was just about evenly split between winners and losers, but technology stocks and companies that rely on consumer spending bore the brunt of the selling. Apple fell 3%, Microsoft dropped 2.7%, Tesla slumped 8.5% and Amazon lost 2.1%.
The Dow Jones Industrial Average gained 0.1% to 31,521.69. The Nasdaq lost 2.5% to 13,533.05. The Russell 2000 index of smaller companies gave up 0.7% to 2,251.07.
GAMESTOP STOCK SOARS AS ROARING KITTY DOUBLES HIS STAKE
Stocks began shedding some of their gains last week after a strong start to February as rising interest rates and the potential for inflation down the road dampened some of Wall Street's enthusiasm, though the major stock indexes remain near their all-time highs.
“Equity investors are finally paying attention to the bond market,” said Mike Zigmont, director of trading and research at Harvest Volatility Management. “With yields climbing, there are a lot of jitters in the equity space.”