Stock market news live updates: Stock futures rise, recovering some losses after selloff
Stock futures rose Wednesday morning and were on track to recover some losses, after another drop in tech names dragged the three major indices to their lowest closing level in one month on Tuesday.
AMZN), Facebook (FB) and Apple (AAPL) each rose at least 1% in early trading, steadying after investors over the past three sessions poured out of these leaders from the past several months. Tesla (TSLA) shares rose more than 4% in the pre-market session, after the stock slumped 21% in its worst single session decline on record earlier in the day. Contracts on the S&P 500 were on track to rise about 0.5%, after the index sustained a 7% loss over the course of the prior three sessions.
In spite of the morning bounce, some analysts warned that the rotation away from technology and “stay-at-home” stocks could continue over the next few months.
told Yahoo Finance’s The First Trade on Tuesday. “These are great companies on a long-term basis, but since they got so far ahead of themselves, I think they’ve got further to drop, and they won’t bounce back as quickly as a lot of people think they will.”
Even after the past several sessions’ worth of sharp declines, Amazon’s stock remained higher by 70% for the year to date, Apple’s held higher by 54%, and Facebook’s by 32%. That compares to a 3% gain for the S&P 500 over the same time period.
Other strategists echoed similar sentiments, suggesting investors should brace for volatility in the near-term especially in growth and tech names.
“We think there is more downside over next month but eventually leads to further broadening out of the bull market,” Morgan Stanley strategist Mike Wilson said in a note Tuesday. “The S&P may be range bound for the rest of year making stock picking critical.”
Saudi Aramco slashed its October crude prices by a greater than anticipation margin, signaling its expectation for extended weakness in energy demand as individuals continue to eschew travel and other discretionary consumption during the pandemic.” data-reactid=”27″>The risk-off sentiment also spilled over into other asset classes, with US crude oil prices (CL=F) dropping 7.6% to settle at their lowest level since June Tuesday afternoon. This came after Saudi Aramco slashed its October crude prices by a greater than anticipation margin, signaling its expectation for extended weakness in energy demand as individuals continue to eschew travel and other discretionary consumption during the pandemic.
AZN) and the University of Oxford was being put on hold, due to safety concerns after a suspected serious adverse reaction in a participant in the U.K. Shares of AstraZeneca sank 5% in late trading, while those of companies competing to develop a Covid-19 vaccine including Moderna (MRNA) and Novavax (NVAX) rose.
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7:20 a.m. ET Wednesday: Stock futures turn positive, looking to regain some losses
Here were the main moves in markets, as of 7:20 a.m. ET:
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S&P 500 futures (ES=F): 3,354.00, up 18.5 points or 0.55%
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Dow futures (YM=F): 27,609.00, up 84 points or 0.31%
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Nasdaq futures (NQ=F): 11,227.75, up 167.25 points, or 1.51%
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Crude (CL=F): +$0.54 (+1.47%) to $37.30 a barrel
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Gold (GC=F): -$14.90 (-0.77%) to $1,928.30 per ounce
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10-year Treasury (^TNX): -0.8 bps to yield 0.676%
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6:03 p.m. ET Tuesday: Stock futures extend decline, led again by a drop in tech shares
Here were the main moves in equity markets, as of 6:03 p.m. ET:
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S&P 500 futures (ES=F): 3,309.75, down 25.75 points or 0.77%
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Dow futures (YM=F): 27,306.00, down 219.00 points or 0.8%
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Nasdaq futures (NQ=F): 10,975.25, down 85.25 points, or 0.77%
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