Stock futures were calm on Tuesday evening as Wall Street looks to see whether equities can be rebound to record highs this week.
Futures tied to the S&P 500 were down 0.1%. Nasdaq 100 futures ticked lower by 0.1%, while Dow Jones Industrial Average futures shed just 37 points.
The Dow and S&P 500 both slipped from their recent records during Tuesday’s regular trading session, falling 0.75% and 0.76%, respectively. The Nasdaq Composite fell 1.01%, but is still less than 2% from its own record high. Tech stocks – semiconductors, in particular – weighed on the S&P 500 and the Nasdaq. The tech sector slid 1.8% on Tuesday, as Nvidia fell more than 4%.
Bryn Talkington, managing partner of Requisite Capital Management, said on CNBC’s “Closing Bell” that the stock market would likely be choppy in the weeks ahead as investors try to navigate earnings season and the presidential election.
“Until the election is over and we can confirm gridlock, I think at the headline number we’re not going to do much, but I think underneath the surface we’re going to see the haves and have nots,” she said.
Earnings reports this week have been mixed, with solid reports from major banks somewhat offset by weak outlooks from firms like UnitedHealth Group and Dutch chipmaker ASML.
On Wednesday, Morgan Stanley and Abbott Laboratories are two notable reports due out before the market open.
Chip stocks were the biggest culprits in the Nasdaq 100’s decline Tuesday
The Nasdaq 100 tumbled 1.37% on Tuesday, and semiconductors were some of the biggest contributors to the index’s slide.
Nasdaq 100 over the past five trading days
Equity futures open little changed
Stock futures saw only modest movement when trading opened at 6 p.m. in New York. All three major contracts were within 0.1% of the flat line.
— Jesse Pound
