By Oliver Gray
Investing.com - U.S. stock futures were lower in early APAC deals on Tuesday after major benchmark indices finished yesterday’s session with significant gains amid a broad-based relief rally as investors snapped up discounted tech shares.
During Monday’s regular session, the Dow Jones Industrial Average added 406.39 points, or 1.2%, to reach 35,131.86, the S&P 500 rose 1.89% to 4,515.55 and the tech-heavy Nasdaq Composite rose 3.41% to 14,239.88.
For the month, the major benchmarks fell 3.3%, 5.3% and 8.9% respectively, with the S&P and Nasdaq posting their worst months since March 2020, the onset of the coronavirus pandemic.
Dow Jones Futures lost 0.2%, S&P 500 Futures were down 0.27% and Nasdaq 100 Futures lost 0.24%
Among stocks, Major technology players rallied, as Block Inc (NYSE:SQ) popped 10.79%, Amazon.com Inc (NASDAQ:AMZN) added 3.89%, Microsoft Corporation (NASDAQ:MSFT) lifted 0.88%, Meta Platforms Inc (NASDAQ:FB) gained 3.83%, Twitter Inc (NYSE:TWTR) lifted 6.35%, Alphabet Inc (NASDAQ:GOOGL) added 1.46%, Netflix Inc (NASDAQ:NFLX) gained 11.13%, Adobe Systems Incorporated (NASDAQ:ADBE) added 3.11% and NVIDIA Corporation (NASDAQ:NVDA) rallied 7.21%.
Spotify Technology (NYSE:SPOT) popped 13.46% after Citigroup (NYSE:C) cited this month’s pullback as an attractive time to buy.
EV makers also rallied after Credit Suisse (SIX:CSGN) upgraded the Tesla’s stock. The firm said the company had been unfairly caught up in the market decline. Tesla Inc (NASDAQ:TSLA) rallied 10.68%, Rivian Automotive Inc (NASDAQ:RIVN) lifted 15.09% and Lucid Group Inc (NASDAQ:LCID) gained 8.25%.
On the bond markets, United States 10-Year yields were at 1.784%.
Ahead in the week, corporate earnings reports continue, with Exxon Mobil Corp (NYSE:XOM) set to post earnings before the bell on Tuesday, while Alphabet, General Motors Company (NYSE:GM), Starbucks Corporation (NASDAQ:SBUX), Advanced Micro Devices Inc (NASDAQ:AMD) and PayPal Holdings Inc (NASDAQ:PYPL) will report after the bell.