Stocks Futures Plunge After Monday’s Wild Ride

Stock futures dropped ahead of Tuesday’s open. The plunge comes after yesterday’s late-session rally which lifted the Dow Jones Industrial Average off a 1000 point decline, enabling the index to finish with modest gains.

Stocks experienced wild volatility on Monday, with the S&P 500 down 4% before finishing 0.28% up. Nasdaq was even more volatile, plunging 5% and closing the day 0.49% higher. The so-called fear gauge, or volatility index (VIX) soared to 35.

In futures market activity, all indices point to a lower open. Nasdaq futures suggest a loss of nearly 300 points at the open.

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Earnings are still in the focus, with big players like Microsoft reporting soon.

Meanwhile, the Fed’s two-day policy meeting begins today, and the Fed it expected to announce its decision on interest rates on Wednesday. Any clues about rate hikes will likely rock the markets further.

Level Chg. Chg. %
DOW Futures 33,991.00 -262 -0.76%
S&P 500 Futures 4,340.50 -63.25 -1.44%
Nasdaq Futures 14,212.25 -288.75 -1.99%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury fell slightly. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.23 +0.31 +0.33%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.571% 0.018 0.553%
U.S. 5 Year Treasury Note 1.547% -0.006 1.554%
U.S. 10 Year Treasury Note 1.768% -0.003 1.771%

 

Stocks To Watch

Tech stocks were crushed in premarket trading. Some of the biggest losers were EV maker Tesla, big data firm Palantir and hydrogen fuel cell maker Plug Power.

Shares of IBM surged after the company reported a growth of 6% in Q4 revenue. However, they later returned to their previous level, as tech stocks tanked.

Tesla traded lower despite an investment upgrade by Moody’s. The company rated the EV manufacturer at Ba1, which is just one level below investment grade.

NVIDIA slid after reports came out that the chipmaker could abandon its $40 billion takeover of Arm Holdings. Arm is a British semiconductor and software design company.

Microsoft fell 1,3%, ahead of its earnings reports after market close. The company will likely post new updates on its own metaverse projects, including gaming and cloud services.

General Electric dropped 1.8% after the company reported a drop in Q4 revenue by 3%. The company suffered from supply chain issues.

Exercise equipment maker Pelton fell 2.6% in premarket trading. The company rose almost 10% on Monday after activist investors called for the CEO to resign.

Symbol Company Name Price Chg. % Volume
NVDA NVIDIA Corp. $223.15 -4.52% 494.58K
TSLA Tesla Inc. $897.33 -3.51% 411.2K
PLTR Palantir Technologies Inc. $12.94 -3.43% 380.3K
MSFT Microsoft Corp. $290.60 -1.95% 264.1K
GE General Electric Co. $93.40 -3.62% 223.77K
IBM International Business Machines Corp. $128.75 -0.05% 106.96K
PLUG Plug Power Inc. $19.79 -4.40% 94.56K

Commodities To Watch

Oil was stable as tight supply countered falling U.S. markets. Gold futures dropped slightly, as yields and the dollar continue to rise. 

Resource Price Chg. %
WTI Crude Oil $83.29 -0.02%
Brent Crude Oil $86.49 0.26%
Natural Gas $3.95 -1.84%
Gold $1,839.10 -0.14%
Silver $23.73 -0.32%
Copper $4.40 -0.24%

 

Crypto

The global crypto market bounced back after Monday’s selloff. The crypto market cap is $1.65T, a 9.39% increase over the last day. Bitcoin’s dominance is currently 41.99%, an increase of 0.22% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $36,490.58 +9.77% 691.12b
Etherium ETH $2,432.80 +10.68% 289.33b
Binance coin BNB $372.11 +10.16% 55.32b
Solana SOL $91.98 +12.48% 28.94b
Cardano ADA $ 1.028 +7.42% 31.99b

 

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