Federated Investors’ Phil Orlando analyzes market volatility on ‘Maria Bartiromo’s Wall Street’
U.S. stock futures were lower Monday morning as investors await a busy week for earnings reporting from Big Tech.
Dow Jones Industrial Average futures fell 124 points, or 0.35%, while S&P 500 futures and Nasdaq 100 futures declined 0.28% and 0.22%, respectively. The early selling comes after all three of the major averages closed at all-time highs on Friday.
ECONOMISTS CLASH OVER INFLATION TIED TO BIDEN’S $3.5T SPENDING PLAN
In stocks, Tesla Inc. will be the first of several mega-cap tech companies to report earnings this week when the electric-car maker releases its results after Monday’s close.
Alphabet Inc., Apple Inc. and Microsoft Inc. will all report after Tuesday’s closing bell with Facebook Inc. on Wednesday and Amazon Inc. rounding out the releases following Thursday’s market close.
Elsewhere, crypto-linked companies surged as bitcoin topped $39,000 a coin, up as much as 31% since closing on July 19 below $30,000 for the first time this year.
Meanwhile, Chinese stocks traded in the U.S., including Alibaba Group and Baidu Inc. were sharply lower as regulators continued to tighten restrictions, ordering Tencent to give up its exclusive music licensing rights and announcing new rules for private tutoring companies. Authorities earlier this month initiated a cybersecurity probe against ride-hailing giant Didi Global Inc.
In earnings, Hasbro Inc. reported earnings and revenue that exceeded Wall Street estimates as revenue from its entertainment business, which includes “Peppa Pig,” soared 47% from a year ago.
In commodities, West Texas Intermediate crude oil slid 50 cents to $71.57 a barrel and gold ticked up $6.10 to $1,807.90 an ounce.
Overseas markets were mostly weaker.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
European bourses were modestly lower with Germany’s DAX 30 declining 0.45%, France’s CAC 40 slipping 0.28% and Britain’s FTSE 100 down 0.24%.
In Asia, Hong Kong’s Hang Seng index plunged 4.13% and China’s Shanghai Composite tumbled 2.34% as Chinese regulators continued to clamp down. Elsewhere in the region, Japan’s Nikkei 225 rose 1.04% as traders returned from a four-day weekend.
