Cadena Group President Gary B. Smith gives an economic look at Fox Business Tonight.
US stocks futures Indicates a recovery Wednesday morning after the previous day technology related sale.
Major futures indices are pointing to a 1% gain when the opening bell rings.
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oil prices It added to gains on Wednesday morning as prices in the Tuesday session settled 3% higher than on Monday.
US West Texas Intermediate crude futures rose 61 cents, or 0.6%, to $102.34 a barrel. Brent crude futures rose 66 cents, or 0.6 percent, to $105.65 a barrel.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones averages | 33240.18 | -809.28 | -2.38% |
| SP500 | Standard & Poor’s 500 | 4175.2 | -120.92 | -2.81% |
| I: COMP | Nasdaq Composite Index | 12490.743209 | -514.11 | -3.95% |
On Tuesday, US benchmarks were weighed down by sharp declines in shares of major technology companies that took the Nasdaq index to its worst drop since September 2020. The S&P 500 fell 2.8% to 4,175.20. The benchmark index ended the day with a loss of 95% of its shares. The Dow Jones Industrial Average fell 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 today’s losses. It fell 4% to 12,490.74 points.
Shares of toy maker Mattel rose 12% in the primary market after reports that the company was exploring a sale and held talks with acquisition firms including Apollo Global Management Inc.
Microsoft shares added 5% in pre-market trading after the company boosted its revenue forecast.
Alphabet Inc, Google’s parent company, fell 3.6% in regular trading and lost another 2% in pre-market trading, after results that fell short of analysts’ estimates.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| MSFT | MICROSOFT COMPANY. | 270.22 | -10.50 | -3.74% |
| gh | gh | gh | gh | |
More major tech companies are about to announce their earnings this week, including Meta on Wednesday and Apple on Thursday.
Further profit is expected from Ford Motor Company and Dow Boeing member.
MICROSOFT BOOSTS REVENUE EXPECTATIONS, ALPHABETIC GROWTH SLOWS
Tesla slipped 12.2% on concerns that CEO Elon Musk will be distracted and less involved in managing the electric car maker as he buys Twitter, which is down 3.9%.
Retailers and other businesses that rely on direct consumer spending have also declined widely. General Motors shares fell 4.5 percent, while Nike shares fell 5.8 percent.
The 10-year Treasury yield was 2.76%.
Bitcoin was trading around $38,000.
In the economic calendar, the National Association of Realtors releases its index of pending home sales for the month of March. Economists surveyed by Refinitiv are looking for a 1.6% decline.
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In Asia, Japan’s Nikkei 225 fell 1.2%, Hong Kong’s Hang Seng fell 0.1% and China’s Shanghai Composite jumped 2.5%.
The Associated Press contributed to this report.
