MARKET SNAPSHOT: Nasdaq Poised For Third Day Of Losses As Tech-sector Stumble Holds Back Index

By Carla Mozee, MarketWatchFeaturesDow Jones Newswires

Dow, S&P 500 futures reverse fortunes to nudge higher

U.S. stocks may notch losses at the open Wednesday, with investors seen taking a cautious approach as the slide in technology shares weighed on minds.

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Nasdaq-100 futures lost 10.25 points, or 0.2%, to 5,665.25, signaling that the technology-heavy index is poised for a third-straight loss.

But turning higher were Dow Jones Industrial Average futures , up 19 points, or 0.1%, to 21,311.00, and S&P 500 futures moved up 3.15 points, or 0.1%, to 2,423.75.

The three major indexes all fell Tuesday (, after a delay to a vote on health care legislation prompted worries about the prospects for President Donald Trump's pro-growth agenda. The S&P 500 gave up 19.69 points, or 0.8%, to close at 2,419.38, and the Dow industrials slipped 2.53 points to close at 21,394.76 after a choppy session.

The latest day of weakness for tech stocks was reflected in the Nasdaq Composite Index , which ended 100.53 points, or 1.6%, lower to 6,146.62, as Google parent Alphabet Inc. (GOOGL) (GOOGL) , Facebook Inc. (FB) and Netflix Inc. (NFLX) logged losses.

"U.S. technology stocks have been very weak lately, both in absolute and relative terms ... massive outperformance year-to-date is the segment's biggest weakness," said Peter Garnry, Saxo Bank's head of equities strategy, in a note Wednesday. "Valuations are historically high in U.S. tech stocks, and sentiment has weakened fast over the past 24 hours."

The oil market will be in focus with the Energy Information Administration's report on weekly crude supplies due at 10:30 a.m. Eastern Time. The American Petroleum Institute on Tuesday reported an unexpected weekly rise of 851,000 barrels in U.S. crude supplies (

U.S. oil futures were slightly lower but holding above $44 a barrel. The yield on the benchmark 10-year Treasury steadied after hitting on Tuesday its highest level since just after the Fed's mid-June meeting.

Another factor still hanging over markets is European Central Bank President Mario Draghi's comments on Tuesday, in which he hinted the bank is ready to begin unwinding its monetary easing.

"Risk-off sentiment seems to be brewing in markets after European Central Bank president Mario Draghi's hawkish inflation comments yesterday. Central banks are removing the punch bowl for financial markets, and that will have effects across global markets," he said.

The stock market also continued to digest Tuesday comments from Fed Chairwoman Janet Yellen who said asset valuations are somewhat rich by standard metrics ( She also said another financial crisis rivaling the one that hobbled the global economy in 2008-09 won't happen again in our lifetime.

Economic docket: The advance look at trade in goods in May is due at 8:30 a.m. Eastern. The trade gap in goods--services are excluded--is expected to narrow to $65.8 billion from $67.6 billion in April, according to a MarketWatch survey of economists.

At 10 a.m. Eastern, the National Association of Realtors is expected to say pending home sales improved in May, by rising 0.5%. That would break two months of declines.

See: MarketWatch's economic calendar (

Stocks in focus:General Mills Inc. shares (GIS) rose more than 1% in premarket trade after the food company posted fiscal fourth-quarter earnings and sales topped Wall Street's estimates. (

First Potomac Realty Trust(FPO) fell 2.2% ahead of the bell after Government Properties Income Trust (GOV) reached a deal valued at $1.4 billion to buy the real estate investment trust. (

Monsanto Co.(MON) is slated to release quarterly results ahead of the bell.

Meanwhile, Blue Apron Holdings Inc.'s IPO pricing will be set later Wednesday ( The meal-kit maker has lowered its price range to $10 to $11 from a prior $15 to $17 range.

Other markets: The ICE Dollar Index , which measures the dollar against a basket of six currencies, shed 0.2%, with the euro driving toward its highest in a year. Gold was gaining.

Stock markets in Asia finished mostly higher and European stocks struggled at two-month lows as the euro popped up on Draghi's hawkish comments (

Draghi, along with Bank of England Gov. Mark Carney and Bank of Japan Gov. Haruhiko Kuroda, will appear Wednesday in Sintra, Portugal, at the ECB Forum on Central Banking.

(END) Dow Jones Newswires

June 28, 2017 08:09 ET (12:09 GMT)