Dow futures fall 100 points ahead of more retail earnings


U.S. stock futures were flat in overnight trading on Tuesday ahead of more retail earnings.

Dow futures fell about 40 points. S&P 500 futures gained 0.15% and Nasdaq 100 futures rose 0.1%.

On Tuesday, the major averages ended the day in the red after notching gains earlier in the session. The Dow Jones Industrial Average lost 267 points, dragged down by a 3% drop in Chevron’s stock.

The S&P 500 dropped 0.9%.

The Nasdaq Composite dipped 0.56% as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all closed lower. The technology-heavy index was up as much as 0.8% on Tuesday. Growth stocks have come under pressure lately on fears of inflation that could unravel the Federal Reserve’s easy policies.

“Late-day weakness in this sector is becoming commonplace adding to fears it could be headed for a longer and more pronounced period of consolidation than expected,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC.

Weighing on sentiment, housing starts fell 9.5% to a seasonally adjusted annual rate of 1.569 million units in April, the Commerce Department said. Economists expected housing starts to fall to a rate of 1.7 million units last month.

Retailers Home Depot, Macy’s and Walmart all reported better-than-expected earnings on Tuesday.

Earnings season continues on Wednesday with more major retailers like Target, Lowe’s, TJX and L Brands. Plus, Analog Advices,, and Cisco Systems also report quarterly results.

The Federal Open Market Committee publishes the minutes from its April meeting on Wednesday.

“Investors will be scrutinizing the release of the latest Fed minutes for any subtle hints as to when some tapering actions may be forthcoming,” added Paulsen.

Become a smarter investor with CNBC Pro
Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. 
Sign up to start a free trial today

Articles You May Like

‘Napoleon’ is Apple’s latest bid to seize cinematic prestige – and Oscars
Singapore’s Temasek warns that fake agents in China are trying to sell scam investments
This tax-smart charitable donation strategy is like ‘hitting two birds with one stone,’ advisor says
Holiday shoppers have the ‘best discounting season in years,’ expert says. These tips can help you save even more
It’s TikTok Shop’s first Christmas, and shoppers are torn between hot deals and ethics