Fred Imbert, Silvia Amaro
At around 7 a.m. ET, Dow Jones Industrial Average futures fell 25 points, indicating a loss of 27 points at the open. S&P 500 and Nasdaq 100 futures were both also marginally lower.
Shares of Facebook, Amazon, Netflix and Alphabet all fell at least 0.3% in the premarket. The Technology Select Sector SPDR Fund (XLK) slid 0.5% before the bell on light volume.
The S&P 500 tech sector was one of the worst performers on Monday, sliding 0.7%. The sector’s decline pushed the broad index to close lower for the first time in four sessions.
Ford Motor was the biggest decliner in the S&P 500, dropping 3.7%. The stock fell after Moody’s downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow.
The Dow posted its fourth straight day of gains Monday, on the back of renewed optimism in U.S.-China trade talks. The U.S. Treasury Secretary, Steven Mnuchin, said that there is a “conceptual agreement” around intellectual property theft with China. This is one of the most contentious issues between both countries.
Huawei’s lawsuit drop is the latest sign that tensions between the U.S. and China are easing ahead of a meeting scheduled for Oct. 1.
New jobs data
There is also Apple’s event on the radar, starting at 10 a.m. ET, where the tech giant is due to launch new products.