Saut Strategy founder Jeff Saut, Belpointe chief strategist David Nelson and Michael Lee of Michael Lee Strategy in today’s markets.
US futures fell lower early Wednesday after a day in which Dow and S&P suffered the biggest losses in a month.
The Nasdaq indicates a 0.3% drop and a smaller Dow drop.
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Wall Street closed lower for a second consecutive day on Tuesday, led by declines in tech companies and banks. The S&P 500 returned 0.7%, lowering the index to its record high on Friday.
Verizon, Dow member, will lead ahead of the opening bell on Wednesday’s earnings parade. Investors will also look at numbers from the support pillar Anthem of managed care.
In Europe, the London FTSE added 0.4%, the DAX of Germany increased by 0.2% and the CAC of France increased by 0.4%.
In Asia, the Nikkei 225 in Tokyo gave up 2%, Hang Seng in Hong Kong fell 1.8% and the Chinese Shanghai Composition Index was flat.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 33821.3 | -256.33 | -0.75% |
| SP500 | S&P 500 | 4134.94 | -28.32 | -0.68% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13786.268055 | -128.50 | -0.92% |
On Tuesday, the S&P 500 closed at 4,134.94. The Dow Jones industrial average lost 0.8% to 33,821.30. After an early gain, the tech-heavy Nasdaq declined 0.9% to 13,786.27.
Apple fell 1.3% as part of a broad slide in technology ventures. Banks were also responsible for a large portion of sales, which came when bond yields fell, and this reversed after rising higher on Monday.
Yields on the ten-year treasury fell from 1.60% to 1.56%.
Investors are in the middle of the earnings season in the first quarter. About 80 members of the S&P 500 will report their results this week, as well as one in three members of the Dow. Wall Street will look at whether Corporate America is recovering from the coronavirus pandemic with the rest of the economy.
NETFLIX TANKS AS INCOME GROWTH
Netflix fell 10.6% in trading after the hour after the video streaming pioneer said it added another 4 million subscribers worldwide from January to March, the smallest gain over a three-month period in four years.
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In other trades, U.S. crude oil lost 71 cents to $ 61.98 a barrel on electronic trading on the New York Mercantile Exchange. It dropped 76 cents to $ 62.67 a barrel on Tuesday. Brent crude, the international standard, fell 68 cents to $ 65.89 a barrel.
Associated Press contributed to this report