Follow us on facebook


2 Chip Names, 1 Game Maker Set To Bounce

Premarket trading on Tuesday showed futures mixed in a narrow band around their breakeven points. Tech stocks will be in focus during the session after pacing Monday’s heavy selling.

X

Nasdaq 100 futures crept 0.3% above fair value. S&P 500 futures were up 0.1%. Futures for the Dow Jones industrial average dipped a fraction into the red. Small caps outpaced the early action, with Russell 2000 futures rising 0.4%.

Leaders including Taiwan Semiconductor (TSM), Nvidia (NVDA) and Activision Blizzard (ATVI) hinted at early rebounds. Amazon.com (AMZN) slipped 0.6%, while Tesla (TSLA) leaned 1% higher in premarket trade.

Overseas action was relatively tame, with Asia’s stock markets feeling only modest pressure from Monday’s selling in the U.S. The Shanghai Composite dropped 0.8%. Hong Kong’s Hang Seng Index gained 0.3% as it reopened from its four-day holiday.

Markets in Europe opened under some pressure after their three-day break. Frankfurt’s DAX was down 1.1%. The CAC-40 in Paris was 0.6% lower. London’s FTSE 100 was off 0.3% near midday.

Economic news is fairly light for Tuesday. Automakers are set to report March sales totals throughout the session. General Motors (GM) will reportedly announce its final monthly sales figures, as the automaker plans to end its 30-year tradition of reporting monthly sales.

Minnesota Federal Reserve Bank President Neel Kashkari will speak at 9:30 a.m. in Duluth, Minn.

Visa Leads Dow, Nivida Climbs; LongFin, Switch Topple

On the Dow industrials, futures moved almost unanimously higher. Visa (V), Procter & Gamble (PG) and Walmart (WMT) led the index, with gains near 0.9%.

Stocks on the IBD50 list traded generally flat-to-higher in premarket trading. Graphics chip developer Nvidia topped the list, up 1.6% before the open. Shares dropped almost 5% in fast trade Monday. That put them further below their 50-day moving average. The stock is also retesting a 218.77 buy point from an early January breakout.

Two recent IPOs suffered steep premarket losses. Data center manager Switch (SWCH) tanked 12% after reporting its fourth-quarter results late Monday.

Financial technology provider LongFin (LFIN) toppled 26% lower. The company, which has emphasized blockchain-based technologies, reportedly announced a Securities And Exchange Commission investigation, as well as “weaknesses” in its financial reporting.

The stock ended Tuesday down 74% since the start of the year, with most of the losses following the March 26 announcement that the company would be dropped from the Russell 2000 index.

YOU MIGHT BE INTERESTED IN:

The Big Picture: How Low Can Stocks Go?

Just Don’t Do It: These Top Stocks Teach Key Lesson In Market Correction

As Tech Stocks Weaken, This Sector Continues To Show Strength

Facebook Crisis Deepens As Public Turns Against Social Network: IBD/TIPP Poll

Source link

No comments.

Leave a Reply