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Stocks- U.S. Futures Mixed After Tech Selloff

Stock MarketsDec 05, 2017 06:57
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© Reuters. U.S futures point to flat opening bell on Tuesday. – U.S. futures pointed to a slightly lower opening bell on Tuesday as investors moved from tech stocks to retail and banking amid tax reform bill progress.

The S&P 500 futures rose half a point or 0.03% as of 6:49 AM ET (11:49 AM GMT) while Dow futures increased 52 points or 0.21% Meanwhile tech heavy Nasdaq 100 futures fell 24 points or 0.39%.

Senate Republicans narrowly passed a bill in the early hours of Saturday morning, with 51 to 49 in favor of the tax overhaul. Retailers and banks are seen as benefiting more from the expected corporate tax cuts, which lead to a tech selloff on Monday. Congress still faces obstacles before the bill can become law and now must create a joint House and Senate bill, which will then be sent to President Donald Trump.

Movie theatre firm Regal Entertainment Group (NYSE:RGC) was among the biggest movers in pre-market trading, rising 6.08% after news that Cineworld is buying the firm in a $3.6 billion deal. Telecommunications firm Orange SA (PA:ORAN) ADR (NYSE:ORAN) increased 0.77% while social media site Snap Inc (NYSE:SNAP) was up 3.17%.

Meanwhile Facebook (NASDAQ:FB) slipped 0.62% while semiconductor Advanced Micro Devices Inc (NASDAQ:AMD) was down 1.79% and Chinese e-commerce site Alibaba (NYSE:BABA) fell 2.42%.

In economic news, markit composite and services PMI come out at 9:45 AM ET (2:45 PM GMT) while ISM non-manufacturing PMI is released at 10:00 AM ET (3:00 PM GMT).

Stocks were mostly down. Germany’s DAX slumped 74 points or 0.57% while in France the CAC 40 decreased 30 points or 0.57% and in London, the FTSE 100 was up seven and half points or 0.10%. Meanwhile the pan-European Euro Stoxx 50 fell 14 points or 0.39% while Spain’s IBEX 35 was down 14 points or 0.14%.

In commodities, gold futures rallied 0.07% to $1,278.60 a troy ounce while crude oil futures was down 0.54% to $57.16 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched forward 0.02% to 93.07.

Stocks- U.S. Futures Mixed After Tech Selloff

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