Published April 08, 2014
FOX Business: Capitalism Lives Here
U.S. stock-index futures slumped on Tuesday, indicating the Nasdaq could extend its worst selloff since 2011.
As of 7:50 a.m. ET, Dow Jones Industrial Average futures fell 21 points, or 0.13%, to 16157, S&P 500 futures dipped 2.3 points, or 0.12%, to 1836 and Nasdaq 100 futures slipped 0.8 point, or 0.02%, to 3499.
The Nasdaq tumbled for the third day in a row Monday, with the tech-heavy index sliding 4.6% over the period. The worst three-day selloff since August 2011 was driven by steep declines among once high-flying technology and biotechnology shares.
Meanwhile, some analysts are turning fairly bearish. Barclays, for example, wrote in a note to clients that "upside for U.S. markets is capped, with [the second quarter] likely to prove difficult for equities, and highlight that biotech and industries tied to the housing trade have taken the hardest hit."
Earnings season unofficially kicks off after the closing bell Tuesday, with aluminum heavyweight Alcoa (AA) posting its first-quarter results. Later in the week banking giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are set to report.
The only report on the economic calendar is on small business sentiment. The National Federation of Independent Business's gauge rose to 93.4 in March from 91.4 in February.
Elsewhere, U.S. crude oil futures rose 89 cents, or 0.9%, to $101.34 a barrel. Wholesale New York Habor gasoline gained 0.49% to $2.94 a gallon. Gold rose $14.10, or 1.1%, to $1,312 troy ounce.