Wall Street Set for Lower Open

Wall Street Set for Lower Open

The S&P 500 was likely to open broadly down on Monday as traders absorbed a slew of quarterly earnings reports following a poor month for the technology sector.

On the Dow Jones Industrial Average, Futures lost 15 points or 0.05 per cent, S&P 500 futures down 11 points or 0.3 per cent, and Nasdaq futures fell 48 points or 0.4 per cent.

The Nasdaq Composite concluded April with a 13.3 per cent decrease, its worst monthly loss since 2008, owing in large part to the poor performance of prominent technology companies like Amazon (AMZN), Netflix (NFLX), and Meta Platforms (FB). Front-month global benchmarks Brent crude and West Texas Intermediate fell 3.4 per cent and 3.7 per cent, respectively; meantime the worsening COVID-19 situation in China raised demand concerns.

At 10 a.m. ET, figures from the Institute for Supply Management’s Manufacturing index should show a reading of 57.6 in April, up from 57.1 the previous month. The consensus for Construction Spending is a 0.8 per cent increase in March; following a 0.5 per cent gain the prior month.

On US exchanges, shares of Russian stocks and exchange-traded funds are still blocked.

Japan’s Nikkei dipped 0.1 per cent in other foreign markets; China’s Shanghai Composite gained 2.4 per cent; moreover, Germany’s DAX index fell 0.9 per cent in Europe’s early afternoon session. The Hong Kong and the United Kingdom markets didn’t operate for the holiday season.

ON Semiconductor (ON) shares increased 4% after the business reported more robust fiscal Q1 adjusted profit and revenue. Innoviz Technologies (INVZ) stock increased by 24% following a deal to supply LiDAR sensors to a vehicle maker.

Pfizer (PFE) stock dropped 2.8 per cent after its phase 2/3 trial of Paxlovid for post-exposure prophylactic usage against COVID-19 failed to meet its primary endpoint. Shares of Zosano Pharma (ZSAN) plummeted 27% after the company discontinued its M207 development program.