A trader is working on the floor of the New York Stock Exchange (NYSE) in New York City on April 14, 2022.
Brendan McDermid | Reuters
Nasdaq 100 futures fell on Tuesday night after major averages continued to sell in April amid concerns about the economic slowdown.
Dow Jones Industrial Average futures fell 18 points, or 0.1%. The S&P 500 and Nasdaq 100 futures lost 0.5% and 1%, respectively.
Major technology stocks continued to decline after hours of trading. Alphabet’s share price fell by more than 4% after the company reported earnings. Shares of Meta Platform, which is reporting earnings on Wednesday, fell 4%.
Meanwhile, Robinhood’s shares also fell more than 5% after retail trade brokerage said it was reducing staffing. The company referred to “duplicate roles and job functions” after a rapid expansion last year.
Earlier in the day, Nasdaq Composite technology fell sharply in the bear market territory, losing 3.95% and reaching a new 52-week low. The index is now at around 23%. The Dow Jones Industrial Average fell by 809.28 points, or 2.4%. The S&P 500 lost 2.8%.
In April, the S&P 500 fell 7.8%, the Nasdaq lost 12.2% and the Dow fell 4.2%.
These moves led to fears that the economic slowdown would push investors to rule out technology stocks ahead of first-quarter results. Investors feared similar ups and downs on Netflix earlier this earnings season.
“It’s a market with high volatility and low volume, which is concerned with two things,” said Art Hogan, chief market strategist at National Securities. “One, you know, is the policy of the Federal Reserve, and the other is the Chinese blockades and how long they last.”
Facebook parent Meta will announce the earnings on Wednesday, and Apple and Amazon will announce them on Thursday. T-Mobile, Boeing, PayPal and Ford are also reporting earnings on Wednesday.
Economically, investors will be looking at the latest data on weekly mortgage applications, international trade and home sales pending.
The future of the Nasdaq fell on Tuesday after heavy stock losses
Source link The future of the Nasdaq fell on Tuesday after heavy stock losses