U.S. stocks were set to open slightly lower Tuesday as tech shares resumed a decline that started in the previous session.
At around 7 a.m. ET, Dow Jones Industrial Average futures fell 25 points, indicating a loss of 27 points at the open. S&P 500 and Nasdaq 100 futures were both also marginally lower.
Shares of Facebook, Amazon, Netflix and Alphabet all fell at least 0.3% in the premarket. The Technology Select Sector SPDR Fund (XLK) slid 0.5% before the bell on light volume.
The S&P 500 tech sector was one of the worst performers on Monday, sliding 0.7%. The sector’s decline pushed the broad index to close lower for the first time in four sessions.
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Ford Motor was the biggest decliner in the S&P 500, dropping 3.7%. The stock fell after Moody’s downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow.
The Dow posted its fourth straight day of gains Monday, on the back of renewed optimism in U.S.-China trade talks. The U.S. Treasury Secretary, Steven Mnuchin, said that there is a “conceptual agreement” around intellectual property theft with China. This is one of the most contentious issues between both countries.
Meanwhile, Huawei dropped Tuesday one of its lawsuits against the U.S. This happened after some equipment seized by Washington nearly two years ago was returned to the company, CNBC reported.
Huawei’s lawsuit drop is the latest sign that tensions between the U.S. and China are easing ahead of a meeting scheduled for Oct. 1.
New jobs data
Investors will be looking ahead to a new Job Openings and Labor Turnover Survey (JOLTS), due at 10 a.m. ET. Earlier in the day, a small business data survey will be released.
There is also Apple’s event on the radar, starting at 10 a.m. ET, where the tech giant is due to launch new products.
Source: cnbc.com | Original Link