Finance News

Inventory futures slide after Large Tech sale knocked the S&P 500 off the document

FAANG shares are listed on the Nasdaq.

Adam Jeffery | CNBC

Futures contracts pegged to major U.S. stock indices gave way at the start of the overnight session on Monday evening after investors penalized big tech stocks during the regular session.

S&P 500 futures were down 0.1%, while those pegged to the Dow were little changed. Nasdaq 100 futures came under the hardest, down 0.25%.

Big tech was overwhelmed on Monday as investors left stocks like Apple and Microsoft, pushing the Dow Jones Industrial Average and S&P 500 from record highs. Both stocks lost at least 2% at the start of the week.

The Nasdaq Composite was the worst hit from selling, falling 2.5% to end the day on its session low. Facebook lost more than 4% while Amazon and Netflix both fell over 3%. Alphabet fell more than 2% after being downgraded by Citigroup. Cathie Wood's Ark Innovation ETF fell 5% to its lowest level since November when Tesla, its top position, lost more than 6%.

Gasoline futures hovered in volatile trading on Monday after a ransomware attack forced the Colonial Pipeline to shut down the largest U.S. fuel pipeline over the weekend. The company, which operates a 5,500-mile system, announced Monday afternoon that parts of its system will be brought back online and hopes to restore service by the end of the week.

Gasoline futures ended the day 0.31% higher at $ 2.1334 a gallon. At one point in the overnight session, gasoline futures soared to $ 2.217, a level not seen since May 2018.

Several stocks moved in expanded trading on Monday following earnings results.

The Simon Property Group recorded a price decline of around 1% after the bell, despite better-than-expected numbers. The property manager reported earnings of $ 1.36 per share on revenue of $ 1.15 billion for the first quarter.

Callaway Golf, meanwhile, said it was seeing robust demand for equipment and apparel, which pushed stocks up 5% after regular trading in New York ended. Electronic Arts, Chesapeake Energy, Hanesbrands and Palantir Technologies will deliver results on Tuesday.

The Ministry of Labor will release the latest results of its survey on job vacancies and turnover on Tuesday. Several senior Fed officials, including Governor Lael Brainard and New York Fed President John Williams, are also due to make comments.

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