By Oliver Gray
Investing.com - U.S. stock futures were slightly higher during Tuesday’s evening deals after major benchmark averages retreated during the regular session amid rising recession fears as aggressive rate hikes and rising bond yields continue to sap risk sentiment.
In extended deals, LiveOne Inc (NASDAQ: LVO ) moved 18% higher after the company reported Q4 losses of $0.11 per share, slightly above expected losses of $0.13 per share. Revenue came in at $23.4 million versus $20.36 million expected.
Pinterest Inc (NYSE: PINS ) gained 4% after reports that co-founder and CEO Ben Silbermann is stepping down. He will transition to a newly created position of Executive Chairman of the board. Silbermann will be replaced by Bill Ready, who comes from Alphabet Inc. (NASDAQ: GOOGL ), where he had been president of commerce since 2020.
Ahead in the session, investors are looking towards comments from Federal Reserve Chairman Jerome Powell at the European Central Bank forum, while corporate earnings from Bed Bath & Beyond Inc (NASDAQ: BBBY ), General Mills Inc (NYSE: GIS ) and McCormick & Company Incorporated (NYSE: MKC ) are also slated for release.
Among stocks, retail companies suffered following a poor consumer confidence reading. Bath & Body Works Inc. (NYSE: BBWI ) lost 5.8%, Lowe’s Companies Inc (NYSE: LOW ) fell 5.2% and Home Depot Inc (NYSE: HD ) retreated 4.4%.
Major tech companies saw declines, with Block Inc (NYSE: SQ ) down 5.5%, Amazon.com Inc (NASDAQ: AMZN ) falling 5.1%, Apple Inc (NASDAQ: AAPL ) falling 3% and Alphabet Inc (NASDAQ: GOOGL ) down 3.3%. Chip makers also suffered as NVIDIA Corporation (NASDAQ: NVDA ) lost 5.3% and Advanced Micro Devices (NASDAQ: AMD ) fell 6.2%.
On the data front, the consumer confidence index fell to a reading of 98.7, falling from 103.2 in May and coming in below expectations of 100 amid growing fears of a recession as the Federal Reserve aggressively hikes interest rates to combat surging inflation.
On the bond markets, United States 10-Year yields were at 3.177%.
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