Stock futures fell on Tuesday, with tech shares set to lead the decline. The pullback follows a strong start to May as investors on Monday piled into shares that would benefit the most from an economic reopening.
Futures for the Dow Jones Industrials slid 139 points, or 0.4%, to 33,862.
Futures for the S&P 500 dipped 23.25 points, or 0.6%, to 4,162.50.
Futures for the NASDAQ Composite index slumped 112.25 points, or 0.8%, to 13,675.50.
Apple, Tesla and Alphabet were all down 1% and at their session lows in the pre-market.
Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in pre-market trading after posting quarterly results that beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance company also raised its guidance.
United States Steel (NYSE:X) moved 3% higher in pre-market trading after Credit Suisse upgraded the stock to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”
The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.
States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.
Florida Gov. Ron DeSantis signed an executive order on Monday that immediately suspends the state's remaining health restrictions.
Overseas, in Hong Kong, the Hang Seng index regained 0.7%, while markets in Japan were closed for holiday.
Oil prices gained 78 cents to $65.27 U.S. a barrel.
Gold prices fell $5.10 to $1,786.70 U.S.