Futures Up as Stocks Hope to End Losing Streak
September 22,2020 08:21 am EST
Stock futures slipped on Tuesday as traders weighed concerns of a potential new wave of coronavirus cases along with gains in big tech stocks.
Futures for Dow Jones Industrials ditched one point early Tuesday, to 27,054.
Futures for the S&P 500 inched up six points, or 0.2%, at 3,281.
Futures for the NASDAQ Composite picked up 48.25 points, or 0.4%, to 11,037.25.
The major averages are on pace for steep losses for September, a typically weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow has fallen 4.5%, and the S&P 500 has axed 6.3% this month, while the NASDAQ has dropped 8.4% as investors dumped high-flying tech giants.
Amazon shares rose 1.7% in the pre-market after a Bernstein analyst upgraded the e-commerce giant to buy from hold, noting the recent pullback offers an attractive “entry point” for investors. Facebook, Apple and Microsoft were also higher.
Traders also digested remarks by Federal Reserve Chairman Jerome Powell, who reiterated the central bank will support the economy "for as long as it takes."
Shares of Tesla dropped nearly 6% in overnight trading after CEO Elon Musk said in a tweet that the electric carmaker''s "Battery Day" event would not reach "serious high-volume production" until 2022, which disappointed investors and analysts.
On the earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.
U.K. Prime Minister Boris Johnson announced further restrictions to curb the spread of the virus, noting the country was at a "perilous turning point." He ordered bars and restaurants to close between 10 p.m. and 5 a.m. The restrictions also expand on the list of places requiring people wear a mask.
Overseas, in Japan, markets were closed for a holiday Tuesday, while Hong Kong, the Hang Seng index declined 1%.
Oil prices gained 13 cents to $39.44 U.S. a barrel.
Gold prices lost 50 cents to $1,910.10.
Currencies