Stock futures trade lower after day of losses
Dow member Verizon will lead off Wednesday’s earnings parade ahead of the opening bell
U.S. equity futures turned lower early Wednesday following a day that saw the Dow and S&P suffer the biggest losses in a month.
The Nasdaq suggests a decline of 0.3% and a smaller Dow decline.
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Wall Street closed lower on Tuesday for a second straight day, led by drops in technology companies and banks. The S&P 500 gave back 0.7%, pulling the index further below the record high it set on Friday.
Dow member Verizon will lead off Wednesday’s earnings parade ahead of the opening bell. Investors will also examine numbers from managed-care mainstay Anthem.
In Europe, London's FTSE added 0.2%, Germany's DAX gained 0.1% and France's CAC rose 0.4%.
In Asia, the Nikkei 225 in Tokyo gave up 2%, Hong Kong's Hang Seng declined 1.8% and China's Shanghai Composite index was flat.
|I:DJI||DOW JONES AVERAGES||32244.58||+382.60||+1.20%|
|I:COMP||NASDAQ COMPOSITE INDEX||11675.537599||+45.02||+0.39%|
On Tuesday, the S&P 500 closed at 4,134.94. The Dow Jones Industrial Average lost 0.8% to 33,821.30. After shedding an early gain, the technology-heavy Nasdaq slid 0.9%, to 13,786.27.
Apple fell 1.3% as part of a broad slide in technology companies. Banks also accounted for a big share of the selling, which came as bond yields fell, reversing course after moving higher on Monday.
The yield on the 10-year Treasury fell to 1.56% from 1.60%.
Investors are in the middle of first-quarter earnings season. Roughly 80 members of the S&P 500 will report their results this week, as well as one out of every three members of the Dow. Wall Street will be looking to see if Corporate America is recovering with the rest of the economy from the coronavirus pandemic.
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In other trading, benchmark U.S. crude oil lost 7 cents to $61.91 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 76 cents to $62.67 per barrel on Tuesday. Brent crude, the international standard, declined 72 cents to $65.85 per barrel.
The Associated Press contributed to this report