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Saturday, September 18, 2021

Stock futures slip after Big Tech selling pushes S&P 500 off record

IDBS ART GALLERY

FAANG stocks are on display at the Nasdaq.

Futures contracts linked to the major U.S. stock indexes fell at the start of the overnight session Monday evening, after investors punished Big Tech stocks during the regular session.

Futures on the S&P 500 fell 0.1 percent, while those on the Dow were little changed. Nasdaq 100 futures were the hardest hit, falling 0.25 percent.

Big Tech was hammered on Monday as investors fled stocks such as Apple and Microsoft, knocking the Dow Jones Industrial Average and the S&P 500 off their all-time highs. Both of these stocks have lost at least 2% so far this week.

The Nasdaq Composite took the brunt of the selling, falling 2.5 percent and closing the day at its session low. Facebook fell more than 4%, while Amazon and Netflix both fell more than 3%. Citigroup downgraded Alphabet, causing the stock to fall more than 2%. Cathie Wood’s Ark Innovation ETF fell 5% to its lowest level since November, while Tesla, its top holding, fell more than 6%.

Gasoline futures were volatile on Monday after a ransomware attack forced Colonial Pipeline to close the largest fuel pipeline in the United States over the weekend. The company, which operates a 5,500-mile system, said Monday afternoon that parts of its system are being brought back online and that service should be restored by the end of the week.

Gasoline futures were 0.31 percent higher at $2.1334 per gallon at the end of the day. At one point during the overnight session, gasoline futures hit a high of $2.217, the highest since May 2018.

Following the release of earnings results, several stocks moved in extended trading on Monday.

Despite better-than-expected earnings, Simon Property Group’s stock fell about 1% after the bell. The real estate property manager reported first-quarter earnings of $1.36 per share on $1.15 billion in revenue.

Meanwhile, Callaway Golf said it is seeing strong demand for its equipment and apparel, sending its stock up 5% after regular trading in New York ended. On Tuesday, Electronic Arts, Chesapeake Energy, Hanesbrands, and Palantir Technologies will all report earnings.

The Labor Department will release the most recent results of its Job Openings and Labor Turnover Survey on Tuesday. Several senior Fed officials, including Governor Lael Brainard and New York Fed President John Williams, are also scheduled to speak.

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