A trader works on the floor of the New York Stock Exchange (NYSE) in New York, April 14, 2022.
Brendan McDermid | Reuters
Nasdaq 100 futures fell Tuesday night after the big averages continued sales in April due to concerns about an economic downturn.
Dow Jones Industrial Average futures fell 1[ads1]8 points, or 0.1%. The S&P 500 and Nasdaq 100 futures lost 0.5% and 1%, respectively.
Large technology shares continued the decline in trading after working hours. Alphabet’s share price fell more than 4% after the company reported earnings. Shares for Meta Platform, which reports earnings on Wednesday, fell 4%.
Meanwhile, shares in Robinhood also fell more than 5% in expanded trading after the brokerage said they were cutting back on employees. The company cited “duplicate roles and job functions” after the rapid expansion last year.
Earlier in the day, the technology-heavy Nasdaq Composite fell further into bear market territory, losing 3.95% and reaching a new low of 52 weeks. The index is now around 23% lower than the highest. The Dow Jones Industrial Average fell 809.28 points, or 2.4%. The S&P 500 lost 2.8 percent.
In April, the S&P 500 is down 7.8%, the Nasdaq lost 12.2%, and the Dow fell 4.2%.
These measures came as fears of an economic downturn prompted investors to drop technology stocks ahead of first-quarter results. Investors feared similar explosions as Netflix earlier this revenue season.
“It’s a market with high volatility and low volume that is concerned about two things,” said Art Hogan, marketing strategist at National Securities. “One is, you know, the Federal Reserve policy, and the other is the China locks and how long they last.”
Facebook parent Meta will report revenue on Wednesday, while Apple and Amazon will report revenue on Thursday. T-Mobile, Boeing, PayPal and Ford also report earnings on Wednesday.
On the economic front, investors will look for the latest data on weekly mortgage applications, international trade and pending home sales.