Nasdaq futures slip after a sell-off in Big Tech pushes stocks off records

Nasdaq futures slipped early Tuesday morning after investors punished Big Tech stocks during the regular session and pushed both the Dow Jones Industrial Average and the S&P 500 off record levels. S&P 500 futures traded 0.8% lower, while those tied to the Dow fell around 180 points. Nasdaq 100 futures came under pressure and retreated by about 1.5%.

Big Tech got clobbered on Monday as investors exited stocks like Apple and Microsoft, pushing the Dow Jones Industrial Average and the S&P 500 off their record highs. Both of those stocks lost at least 2% to start the week. The Nasdaq Composite suffered the worse of the selling and fell 2.5%, finishing the day at its session low. Facebook lost more than 4%, while Amazon and Netflix both dropped over 3%. Alphabet dipped more than 2% after a downgrade by Citigroup. Cathie Wood’s Ark Innovation ETF fell 5% to its lowest level since November as Tesla, its top holding, shed more than 6%.

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

Gasoline futures ended the day 0.31% higher at $2.1334 per gallon. At one point in the overnight session, gasoline futures jumped as high as $2.217, levels not seen since May 2018. Several stocks made moves in extended trading on Monday following earnings results.

The Labor Department will on Tuesday publish the latest results of its Job Openings and Labor Turnover Survey. Several high-ranking Federal Reserve officials, including Governor Lael Brainard and New York Fed President John Williams, are also scheduled to deliver remarks.

Nasdaq futures slip after a sell-off in Big Tech pushes stocks off records, CNBC, May 11