Tech stocks were pressured in the stock market before the opening bell Monday, hurt in part by weakness in shares of Tesla (TSLA) stock.
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China, meanwhile, went ahead with previously announced tariffs on meat, fruit and other U.S. products.
Nasdaq 100 futures fell about 1% early Monday, but selling was more subdued in S&P 500 and Dow Jones industrial futures. The S&P 500 lost 0.4% and the Dow fell about 0.2%.
Tech stocks in the Dow underperformed. Intel (INTC), Cisco Systems (CSCO) and Microsoft (MSFT) showed losses of around 1%.
Tesla Stock Hit Again
Tesla stock slumped nearly 5% in early trading, hurt by news late Thursday the company is recalling more than 100,000 Model S sedans for a power steering problem. Separately, Tesla confirmed Friday that Autopilot was engaged during a recent Model X crash in California that killed the driver.
Tesla is expected to report Q1 production and delivery figures for the Model 3, Model S and Model X sometime this week. Last week, Moody’s downgraded Tesla over its heavy cash burn and Model 3 production woes.
Meanwhile, Walmart (WMT) is in talks with health insurer Humana about deepening its existing partnership or possibly a takeover, according to multiple reports.
Trump Goes After Amazon Again
Meanwhile, President Trump’s Twitter attack on Amazon.com (AMZN) continued Saturday when he wrote the U.S. Post Office loses on average $1.50 for each package it delivers for the online retailer. Shares of Amazon fell 2% in premarket trading.
Amazon fell along with two other FANG stocks early Monday. Shares of Facebook (FB) and Netflix (NFLX) lost around 2% each.
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Originally posted 2019-09-19 23:12:05.
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