Trader working on the New York Stock Exchange (NYSE) today, Wednesday, April 21, 2021.
US equity futures were flat on Tuesday overnight trading.
Dow futures rose only 12 points. S & P 500 futures rose 0.05% and Nasdaq 100 futures fell 0.05%.
In after-hours trading, Activision Blizzard rose nearly 6%, T-Mobile rose 2.8%, and ridehaling firm Lyft rose 7% with higher-than-expected earnings reports.
On Tuesday, investors closed technology and growth stocks, pushing down the Nasdaq Composite Index by 1.9%. Netflix’s share fell 1.2% and Microsoft fell 1.6%. Amazon and Facebook dropped 2.2% and 1.3%, respectively. Apple was down 3.5% and Alphabet was down 1.6%.
The S & P 500 wiped out Monday’s rise and fell 0.7%. The Dow Jones Industrial Average ended the day with a drop of more than 300 points at some point on Tuesday and then a rise of about 20 points.
The small benchmark Russell 2000 fell 1.3%. Resuming play on airlines, casinos, cruise ships, etc. was also under selling pressure.
There are several reasons for the downward pressure, including concerns about rising inflation, concerns that the Fed may have to curtail monetary stimulus faster than telegrams, and possible tax increases in the coming months. I can think of it.
US stocks hit lows the day after Treasury Secretary Janet Yellen commented that interest rates might need to be raised somewhat to prevent the economy from overheating.
The earnings season continues on Wednesday, with reports from General Motors, Hilton Worldwide, Allstate and Etsy. Earnings were strong in the first quarter and companies are giving guidance, but the good news hasn’t necessarily raised stock prices. Investors told CNBC that this could mean that positive outlooks have already been priced on stocks.
Private salary data will also be released Wednesday at 8:15 am EST. According to the ADP, economists surveyed by Dow Jones expect to increase private employment by 800,000 in April, compared to 517,000 in March. These numbers are ahead of Friday’s carefully watched job report.
Two important measurements for the service sector will also be released Wednesday morning.
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Equity futures flat after growth and technology sale
Source link Equity futures flat after growth and technology sale