Kadina Group president Gary B. Smith gives economic outlook on ‘Fox Business Tonight.’
U.S. equity futures pointed to a rebound Wednesday morning, following the previous day’s tech-related selloff.
The major futures indexes suggest a gain of 0.5% when the opening bell rings.
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In energy trading, benchmark U.S. crude added 17 cents to $101.87 a barrel. The price of benchmark U.S. crude oil rose 3.2% Tuesday. Brent crude, the international standard, gained 42 cents to $105.41 a barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33240.18 | -809.28 | -2.38% |
| SP500 | S&P 500 | 4175.2 | -120.92 | -2.81% |
| I:COMP | NASDAQ COMPOSITE INDEX | 12490.743209 | -514.11 | -3.95% |
On Tuesday, U.S. benchmarks were weighed down by sharp declines in Big Tech stocks that took the Nasdaq to its worst drop since September 2020. The S&P 500 fell 2.8% to 4,175.20. The benchmark index closed the day with 95% of its stocks losing ground. The Dow Jones Industrial Average shed 2.4% to 33,240.18.
Floor traders at the New York Stock Exchange (AP Photo/Richard Drew / Associated Press)
The tech-heavy Nasdaq bore the brunt of the day’s losses. It tumbled 4% to 12,490.74.
Microsoft fell 3.7%. Google’s parent company, Alphabet Inc., fell 3.6% in regular trading and lost another 6% in after-hours trading after reporting results that fell short of analysts’ estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 270.22 | -10.50 | -3.74% |
| n.a. | n.a. | n.a. | n.a. | |
More big technology companies are on deck to report earnings this week, including Meta on Wednesday and Apple on Thursday.
Other earnings are expected from Ford Motor and Dow member, Boeing.
MICROSOFT BOOSTS REVENUE FORECAST, ALPHABET GROWTH SLOWS
Tesla slumped 12.2% over concerns that CEO Elon Musk will be distracted and less engaged in running the electric vehicle maker as he buys Twitter, which fell 3.9%.
Retailers and other companies that rely on direct consumer spending also fell broadly. General Motors fell 4.5% while Nike slipped 5.8%.
The yield on the 10-year Treasury was at 2.78%.
Bitcoin traded around $38,000.
On the economic calendar, the National Association of Realtors is out with its index of pending home sales for March. Economists surveyed by Refinitiv are looking for a decline of 1.6%.
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In Asia, Japan’s Nikkei 225 dropped 1.2%, Hong Kong’s Hang Seng gained 0.5% and China’s Shanghai Composite index jumped 1.9%.
The Associated Press contributed to this report.
