Dow futures drop 500 points
On early Monday, U.S. stock futures tumbled down sharply, as the investor sentiments over the
future of the U.S. Supreme Court and the possibility of additional stimulus were negative.
Dow Jones Industrial Average futures showcased a drop of more than 500 points during the
opening whereas S&P 500 futures and Nasdaq 100 futures were also in the negative territory.
The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all declined for the third
consecutive week. That illustrated the longest weekly slide of the market since 2019.
Those declines emerged following tech shares such as Facebook, Amazon, Apple, Netflix,
Google-parent Alphabet and Microsoft all posted sharp weekly losses. The S&P 500 tech sector
descended by 1%.
“For the market to hold these levels buyers have to come into the technology sector over the
next week to 10 days. Without the impetus of the call option buyers who helped propel the
large cap tech stocks to extreme valuations, it is unlikely that the subsequent rally can exceed
the September peak,” Marc Chaikin, CEO of Chaikin Analytics, stated in a post.