Tesla Stock Weighs On Nasdaq 100; S&P 500 Futures Edge Lower

Tech stocks were pressured in the stock market before the opening bell Monday, hurt in part by weakness in shares of Tesla (TSLA) stock.


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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