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U.S. Stock Futures Move Higher after Nasdaq Recoups 2% Loss

Published 11/01/2022, 10:16 am
Updated 11/01/2022, 10:19 am
© Reuters.

© Reuters.

By Oliver Gray 

Investing.com - U.S. stock futures were higher in early APAC trades on Tuesday, after major benchmark indices finished the regular session in a mixed fashion as government bond yields climbed higher, prompting many market participants to reposition their respective portfolios in accordance with a higher interest rate environment.

During Monday’s session, the Dow Jones Industrial Average fell 162.79 points, or 0.45% to 36,068.87, The S&P 500 closed down 0.14% to 4,670.29 while the NASDAQ Composite recouped earlier losses of 2% to close with a gain of 0.05% at 14,942.83.

Dow Jones 30 Futures added 0.04%, S&P 500 Futures gained 0.12% and Nasdaq 100 Futures were up 0.19%.

Among stocks, technology companies finished mixed as Block Inc (NYSE:SQ) added 2.08%, Amazon.com Inc (NASDAQ:AMZN) lost 0.66%, Meta Platforms Inc (NASDAQ:FB) fell 1.12%, Twitter Inc (NYSE:TWTR) added 0.76%, Alphabet Inc (NASDAQ:GOOGL) lifted 1.21%, Adobe Systems Incorporated (NASDAQ:ADBE) gained 2.96% and NVIDIA Corporation (NASDAQ:NVDA) added 0.56%. Apple Inc (NASDAQ:AAPL) finished the session flat at 172.19 while Tesla Inc (NASDAQ:TSLA) gained 3.03%, Rivian Automotive Inc (NASDAQ:RIVN) lost 5.61% and Lucid Group Inc (NASDAQ:LCID) dipped 0.62%.

Take-Two Interactive Software Inc (NASDAQ:TTWO) shed 13.13% after the company announced a deal to purchase Zynga Inc (NASDAQ:ZNGA). Lululemon Athletica Inc (NASDAQ:LULU) also fell nearly 2% after the company said the omicron variant had hurt its fourth-quarter results.

In extended deals, Intel Corporation (NASDAQ:INTC) was up 3.06% after hours after the company confirmed the appointment of David Zinsner as chief financial officer, while Micron Technology Inc (NASDAQ:MU) dipped 1.25% after New Street Research initiated the stock at a buy with a price target of $135, implying about 43% upside from its closing price Monday.

On the bond markets, United States 10-Year yields were hovering below fresh 2-year highs of 1.755%.

Cryptocurrencies remained weaker, with Bitcoin down 0.14%, Ethereum down 2.35%, Cardano falling 3.91%, Binance Coin falling 3.57% and Solana shedding 3.45%.

Ahead in the week, investors will be paying close attention to economic data and central bank news. Fed Chairman Jerome Powell is scheduled to testify Tuesday, potentially providing key information about the future of monetary policy.

The consumer price index is set for release Wednesday, while the producer price index, which measures wholesale prices, is slated for Thursday.

Earnings season also begins this week, with financial heavyweights JPMorgan Chase & Co (NYSE:JPM), Citigroup Inc (NYSE:C) and Wells Fargo & Company (NYSE:WFC) set to release quarterly results Friday.

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