Bring on the pain. Tech shares are being smacked in European morning trade, as S&P 500 futures and Nasdaq futures are sinking lower on the session. The former is down 0.5% while the latter is down 1.3% on the day now. There was a slight respite as European traders got to their desk today. However, that has quickly turned ugly in the last half-hour:
S&P 500 futures
Microsoft and Alphabet reported better earnings estimates overnight but both stocks are taking a hit in pre-market. Adding to that is an over 3% decline in Tesla in pre-market too, after Elon Musk’s $55 billion pay package was voided by a Delaware judge.
I want to say that month-end is perhaps a factor to consider here. And that also adds to the trepidation ahead of the Fed later in the day.