Dow Jones futures fell over 275 points on Tuesday, as investors awaited important economic data. Tesla stock also declined ahead of the company’s first-quarter deliveries.
In morning trading, Dow Jones futures were down 0.7%, while S&P 500 futures dropped 0.6%. Nasdaq 100 futures lost 0.8% before the market opened. The 10-year Treasury yield rose to 4.35%, and oil prices climbed above $85 a barrel.
The Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) and SPDR S&P 500 ETF (SPY) were down 0.8% and 0.6% respectively. The Labor Department’s JOLTS report and the Commerce Department’s factory orders were due at 10 a.m. ET.
Tesla was expected to report first-quarter deliveries of 457,000 units, down from initial estimates. UnitedHealth and Humana also saw declines after updates on Medicare Advantage rates.
Earnings reports from PVH and Paychex were anticipated, with PVH stock falling over 21% in premarket trading. To stay informed on market conditions, investors were advised to adjust their exposure levels.
Stocks to watch on Tuesday included Alphabet, Arista Networks, DraftKings, and ServiceNow, along with Dow Jones components Disney, IBM, and Verizon Communications. Disney and IBM saw declines, while Verizon continued to perform well.
Finally, among the Magnificent Seven stocks, Nvidia dropped 0.9% premarket, while Apple and Microsoft traded lower ahead of the market open. Apple remained near recent lows, while Microsoft rebounded slightly after a five-day losing streak.
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