Nasdaq futures edge lower ahead of Big Tech earnings

imageStock Markets1 hour ago (Apr 26, 2021 07:20AM ET)

(C) Reuters. A trader takes a break outside the New York Stock Exchange in New York

By Shivani Kumaresan

(Reuters) – Futures tracking the Nasdaq 100 index dipped on Monday as big technology stocks retreated ahead of first-quarter results later this week, while investors awaited clarity on a new tax plan from President Joe Biden.

High-flying firms, including Inc (NASDAQ:AMZN), Facebook Inc (NASDAQ:FB), Alphabet (NASDAQ:GOOGL) Inc and Microsoft (NASDAQ:MSFT) Inc, slipped between 0.2% and 0.4% in premarket trading.

Tesla (NASDAQ:TSLA) Inc shares edged higher as analysts expect the electric automaker to report a rise in first-quarter revenue when it reports after markets close following record deliveries for the period.

Of the 123 companies in the S&P 500 that have published results so far, 85.4% have reported earnings above analysts’ estimates, with Refinitiv IBES data now predicting a 33.9% jump in profit growth.

Investors are also looking forward to the two-day Federal Reserve meeting beginning on Tuesday and the first-quarter gross domestic product numbers later this week to gauge the pace of economic recovery.

At 6:43 a.m. ET, Dow e-minis were up 5 points, or 0.01%, S&P 500 e-minis were down 5.25 points, or 0.13%, and Nasdaq 100 e-minis were down 44.5 points, or 0.32%.

Market participants are also watching out for any fresh developments on Biden’s tax plan after reports last week said he would seek to nearly double the capital gains tax to 39.6% for wealthy individuals.

Meanwhile, analysts at Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Deutsche Bank (DE:DBKGn) have warned of some turbulence ahead, after a rally that has taken the S&P 500 and Dow to fresh records this year.

Nasdaq futures edge lower ahead of Big Tech earnings

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.