Last week was the worst of the year for major US averages with the Nasdaq particularly soft. Today, index futures are higher with S&P 500 futures up 29 points, or 0.6%. Nasdaq futures are up 0.7%.
SPX daily
Eyes are on Tesla with shares down 3% pre-market after more price cuts in the US and China.
UBS has downgraded the stocks of six major tech companies – Apple, Amazon, Alphabet, Meta, Microsoft, and Nvidia – from ‘overweight’ to ‘neutral’.