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 on Tuesday night after the major averages continued their April sell-off amid concerns of an economic slowdown.
Dow Jones Industrial Average futures fell 18 points, or 0.1%. S&P 500 and Nasdaq 100 futures lost 0.5% and 1%, respectively.
Major tech stocks continued their declines in after hours trading. Alphabet’s stock price dropped more than 4% after the company reported earnings. Shares for Meta Platform, which is reporting earnings on Wednesday, dropped 4%.
Meanwhile, shares of Robinhood also dropped more than 5% in extended trading after the retail brokerage said it is cutting back on staff. The company cited “duplicate roles and job functions” after it rapid expansion last year.
Earlier in the day, the tech-heavy Nasdaq Composite dropped further into bear market territory, losing 3.95% and hitting a fresh 52-week low. The index is now sitting now about 23% off its high. The Dow Jones Industrial Average shed 809.28 points, or 2.4%. The S&P 500 lost 2.8%.
In April, the S&P 500 is down 7.8%, the Nasdaq lost 12.2%, and the Dow has declined 4.2%.
Those moves came as fears of an economic slowdown spurred investors to ditch tech stocks ahead of their first-quarter results. Investors feared similar blow-ups to Netflix earlier this earnings season.
“It’s a high volatility, low volume market that’s concerned about two things,” said Art Hogan, chief market strategist at National Securities. “One is, you know, Federal Reserve policy, and the other is the China lock downs and how long they last.”
Facebook parent Meta is set to report earnings on Wednesday, with Apple and Amazon reporting earnings on Thursday. T-Mobile, Boeing, PayPal and Ford are also reporting earnings on Wednesday.
On the economic front, investors will be watching for the latest data on weekly mortgage applications, international trade and pending home sales.