SPY - Nasdaq S&P 500 Futures Drop As Tech Weakens Meme Stock Rally Sputters: Analyst Sees Rate Cuts Hinging On Key Fed Data | Benzinga
Stocks are priming for a negative start on Tuesday after the major indices meandered to a mixed close in the previous session. Tech stocks were sliding premarket as reports suggested China is seriously contemplating cutting reliance completely on the United States in chipmaking, while meme stocks seemed to have lost their fizzle. Given the recent soft readings, traders may look to the factory goods orders and the JOLTS survey results. Bond yields continue to edge lower, baking in expectations of softer growth likely facilitating downward adjustments of the Fed funds rate.
Futures Performance (+/-)
Nasdaq 100 -0.56%
S&P 500 -0.54%
Dow -0.50%
R2K -1.15%
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) slumped 0.56% to $524.83, and the Invesco QQQ ETF (NASDAQ:QQQ) traded down 0.56% at $450.61, according to Benzinga Pro data.
Cues From Previous Session:
U.S. stocks closed Monday’s volatile session on a mixed note. After some weak economic data that pressured bond yields, a rally in tech stocks, and the meme stock frenzy gave the market an early lift, momentum faltered, pushing the major indices lower by the mid-session. The Nasdaq Composite and the S&P 500 Index recouped their losses and ended higher, with the former advancing moderately, while the latter rose much more modestly. The Dow Industrials languished mostly below the unchanged line before ending lower for the session.
The Institute for Supply Management’s May manufacturing purchasing managers index unexpectedly fell below the 50 mark, which delineates expansion and contraction and construction spending fell for a second straight month in ...