Nasdaq futures are slightly lower ahead of Big Tech earnings
Nasdaq 100 futures fell slightly Monday evening after stocks bounced in the afternoon and ahead of Big Tech earnings.
Futures tied to the tech focused index fell 0.1%. Dow Jones Industrial Average futures and S&P 500 futures were little changed.
In regular trading Monday, the Nasdaq Composite jumped 1.3%. The Dow advanced 0.7%, after cutting a 500-point loss from earlier in the day, and the S&P 500 gained 0.6%.
The moves came as tech names like Microsoft, Alphabet and Meta Platforms rallied in the afternoon, amid falling interest rates and ahead of an intense week of earnings for mega cap tech stocks. Twitter also jumped after its board accepted Tesla CEO Elon Musk's offer to take it private.
The bounce was welcomed by investors after stocks ended the previous week on a sour note, with the Dow falling to its fourth down week in a row and the S&P and Nasdaq hitting three-week losing streaks Friday. The tech-heavy Nasdaq is attempting to break out of bear market territory, sitting 19.8% from its record.
Whether this is a bottom remains to be seen. Edward Moya, senior market analyst at Oanda, told CNBC there's still a lot of optimism about the U.S. economy and said he anticipates a relief rally from here.
«A third of the S&P is reporting [earnings] this week, and you're probably going to see much of the same: lots of top and bottom line beats. Companies are going to talk about margin pressures and passing on price increases to the consumer, but they're still going to highlight there's still overall optimism about the economy.»
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