Tuesday June 13th

13-06-2017

Nasdaq futures rise with Amazon, Alphabet higher in premarket

U.S. stock index futures pointed to a higher open on Tuesday as technology stocks looked to bounce back. Nasdaq futures traded 21 points higher, with shares of Amazon and Google-parent Alphabet climbing in the premarket. Other big tech names like Facebook and Apple also saw their shares rise before the bell. Shares of chipmaker Nvidia also traded higher, rising 2.6 percent. Dow and S&P futures, meanwhile, rose 26 points and 4.5 points, respectively. The Nasdaq composite posted its biggest two-day slide since December on Monday, as investors grew concerned that FAANG stocks – Facebook, Apple, Amazon, Netflix and Google – which have propped up the sector, could be losing momentum. The ugly sell-off in tech names is not necessarily an indication that the broader market is about to crack, but there could be a summer swoon, analysts say. On the data front, the National Federation of Independent Business' (NFIB) small business optimism index came in unchanged at 104.5 for May. The Federal Reserve will also begin the first of its two-day meeting, with its interest rate decision due out tomorrow, and the latest Producer Price Indices will be released. On the earnings front, H&R Block will report after the bell. In Europe, the pan-European Stoxx 600 index was around 0.5 percent higher on Tuesday as the U.K. Conservative party looks on track to form a parliamentary majority, bringing greater certainty to the country after an inconclusive general election last week. In Asia, the Shanghai Composite in China closed 0.46 percent higher, while the Nikkei in Japan closed 0.05 percent lower. Gold held steady on Tuesday as investors remained cautious ahead of a two-day U.S. Federal Reserve meeting that is likely to provide hints on the central bank's interest rate policy for the remainder of the year. Spot gold was down 0.1 percent at $1,264.01 per ounce at 0805 GMT. Earlier in the session, it hit a low of $1,262.61, its weakest since June 2. U.S. gold futures for August delivery dropped 0.2 percent to $1,266.30.