Stock futures point to gains following tech pummeling

FAN Editor

It was no joke as the stock market plunged to begin April.

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Investors are licking their wounds as equity futures point to gains overnight.

Dow Jones futures were higher by 0.16%. The S&P 500 added 0.34% and the Nasdaq Composite was up 0.40%.

Second-quarter trading kicked off with a pummeling of tech shares on the perfect storm of antitrust, regulatory and trade war concerns.

The Dow Jones Industrial Average closed down 1.9%, or 458.92 points. The Nasdaq sank 2.7%, or 193.33 points, but managed to escape a correction, closing less than 10% below its March 12 record closing high. The S&P 500 Index slid 2.2%, or 58.99 points.

“It’s times like this when investors face a choice – whether to sit and await developments or plunge back in, following the Buffett’s declaration that it is good to be greedy when others are not,” said Chris Beauchamp, Chief Market Analyst at IG. “So far, there seems little reason to expect a turnaround in sentiment, but the irrational exuberance of early January and the host of overbought indicators have been replaced with a growing sense of fear and  signs that a near-term bottom is close by.”

The trade war fears continue to impact Asian market shares.

Japan’s Nikkei finished the session down 0.45%, trimming earlier losses of 1.6%.

China’s Shanghai Composite ended the day down 0.8%.

Hong Kong’s Hang Seng bucked the trend and rebounded from early losses to end the day up 0.3%.

European markets returned to trading following the Easter Monday holiday and traded lower on the same trade and tech worries.

Germany’s DAX were down 1.39%. London’s FTSE was 0.75% lower and France CAC was off by 0.74%.

Wall Street is looking toward today’s Spotify IPO. The music streaming service is set to go public when the market opens through a direct listing on the New York Stock Exchange, side-stepping the usual initial public offering route that most companies pursue.

The New York Stock Exchange on Monday set the reference price for Spotify shares at $132.

The reference price is not an offering price for the shares, nor is it the opening public price for shares, but the price will play a part in Spotify’s eventual pricing.

Spotify will trade on the New York Stock Exchange under the ticker SPOT.

Automakers will be in the spotlight as they report monthly sales figures. General Motors has announced that it will no longer report monthly sales, saying the 30-day snapshot does not accurately reflect the market and will instead issue quarterly sales.

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