Stock futures drop after Nasdaq Composite hits new record

People walk through the New York Stock Exchange (NYSE) building during the Covid-19 pandemic in New York on May 26, 2020.

Tayfun Coskun | Anadolu Agency | fake pictures

Futures contracts linked to the main US stock indices. USA it slipped to the start of the Tuesday night session as Wall Street seemed to take a breather from assured healthy earnings earlier in the week.

Dow Jones Industrial Average futures shed 35 points, suggesting an open loss of 39 points when regular trading resumes on Wednesday. S&P 500 futures pointed to an opening decline of 0.15%, while Nasdaq-100 futures indicated an opening trade around the flat line.

Tuesday night’s nightly movements followed a very positive day on Wall Street during the regular session.

The Dow Jones Industrial Average closed 131.14 points higher on Tuesday when Apple, UnitedHealth and Visa led the top tier index. The S&P 500 gained 0.4% to end the day at 3,131.29.

Meanwhile, the Nasdaq Composite advanced 0.74% to 10,131.37, its 21st closing record for 2020. Nasdaq’s gain on Tuesday also represented its eighth consecutive day of earnings, its longest winning streak since December, when it advanced for 11 consecutive sessions.

Shares of consumer tech company Apple rose 2.1% on Tuesday to hit a new all-time high, hitting the benchmark a day after it unveiled new operating systems for its iPhone and computers. Apple further pleased its investors by announcing that it will phase Intel chips in favor of its own products when building new Mac devices.

Investors also listened to comments from White House health adviser Dr. Anthony Fauci, who said Tuesday that the United States is seeing a “disturbing” increase in new Covid-19 cases. Fauci, director of the National Institute of Allergy and Infectious Diseases, also gave a more optimistic tone about the potential of a vaccine and said he expects one in early 2021.

Tuesday’s gains from regular trading followed a more turbulent night session after conflicting signals from the Trump administration about its historic trade deal with China. Trump’s business adviser, Peter Navarro, caused confusion on Monday night after saying in an interview that the deal was “over.”

President Donald Trump later tweeted that the agreement was “completely intact” and said he hoped Beijing would honor its agreements in the agreement.

The radical change in the White House highlighted the fragility of the agreement reached between the two largest economies in the world earlier this year. Tensions have increased among the US. USA And China in recent months due to the origins of the coronavirus pandemic and the influence of Beijing on Hong Kong.

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