Dow Futures Tick Higher Following Renewed Selloff

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Dow Futures Tick Higher Following Renewed Selloff
Credit: © Reuters.

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.

By 6:55pm ET (10:55pm GMT) Dow Jones Futures and S&P 500 Futures were up 0.1% while Nasdaq 100 Futures gained 0.2%.

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.

AeroVironment Inc (NASDAQ: AVAV ) fell 10% after reporting Q4 EPS of $0.30, versus $0.39 expected, with revenue coming in at $132.6 million versus $135.3 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.

During regular trading on Tuesday, the Dow Jones Industrial Average dropped 491.3 points or 1.6% to 30,947, the S&P 500 slid 2% to 3,821.6 and the NASDAQ Composite fell 3% to 11,181.5.

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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  • jaiveer singh @jaiveer singh
    Recession is coming
    Like 1

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