Stock futures halt slide with tech bounce
The sharp sell-off that began last Thursday has wiped out nearly 7.1% from the S&P 500 as of Tuesday
U.S. equity futures are higher ahead of the Wednesday trading session, after a 3-day fall in tech stocks.
The major futures indexes are suggesting a rise of 1.8% on the Nasdaq.
Dow futures are up 0.5%.
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Troubles with Astra-Zeneca’s coronavirus vaccine trial sent shares down in Europe by 0.5%.
President Trump's comment about “decoupling” the U.S. economy from China has ramped up uncertainty in the markets, especially among tech stocks.
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Washington seeks to limit the use of U.S. technology by Chinese companies, citing national security concerns.
Tokyo's Nikkei lost 1%, the Hang Seng in Hong Kong dropped 0.6% and China's Shanghai Composite index shed 1.9%.
In Europe, London's FTSE is adding 0.8%, Germany's DAX rose 0.8% and France's CAC gained 0.4%.
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On Tuesday, the S&P 500 fell 2.8% to 3,331.84, clinching its first three-day losing streak in nearly three months. Nearly 90% of all shares were lower.
Apple, Microsoft and Amazon were among the Big Tech stocks to sink more than 4%, torpedoing broad market indexes. The Nasdaq composite, which is packed with tech stocks, dropped 4.1% and is down 10% since it set its last record high on Sept. 2.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39387.76 | +331.37 | +0.85% |
| SP500 | S&P 500 | 5214.08 | +26.41 | +0.51% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16346.264731 | +43.51 | +0.27% |
The Dow Jones Industrial Average lost 2.2%.
Tesla, one of the brightest examples of Big Tech’s wild movements, surged 74.1% in August but slumped 21.1% on Tuesday, its worst loss since it began trading a decade ago, amid disappointment that it won’t be joining the S&P 500 anytime soon.
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In energy markets, benchmark U.S. crude added 81 cents to $37.57 per barrel in electronic trading on the New York Mercantile Exchange. It slumped $3.01 to $36.76 per barrel on Tuesday. Brent crude, the international standard, added 59 cents to $40.37 per barrel.
The Associated Press contributed to this article.