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U.S. stock futures were lower early Wednesday morning as rising rates continued to frighten away investors from high-priced tech shares.
Futures for the Dow Jones Industrials were down 131 points, or 0.4%, to 35,635.
Futures for the S&P 500 stumbled 14.5 points, or 0.3%, to 4,674.
Futures for the NASDAQ slumbed 57 points, or 0.4%, to 16,255.
Traditional retail stocks took a hit following poor quarterly results. Gap lost 21% and Nordstrom tumbled about 27% in premarket trading. Both companies reported earnings misses for the most recent quarter.
Rising COVID cases in Europe continued to worry investors. Germany was considering a full COVID lockdown.
A slew of economic data due out this morning will dictate trading, including weekly unemployment claims, a second GDP update and the Fed’s preferred inflation gauge (PCE deflator). The Federal Reserve will release the minutes for their last meeting this afternoon.
Gap shares plummeted after the company said third-quarter results fell short because of product delays. Earnings last quarter were just 27 cents a share, nearly half what analysts had expected.
Tesla shares were lower again after Elon Musk sold another $1 billion in stock.
Computer hardware company HP’s shares got a more than 6% lift in the premarket after reporting earnings that beat on the top and bottom lines and issuing higher first-quarter earnings guidance.
On Wednesday, investors will be looking through a flurry of economic reports, including weekly jobless claims, and the minutes from the latest Fed meeting.
U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.
Overseas, markets in Japan stumbled 1.6%, while the Hang Seng in Hong Kong eked up 0.1%.
Oil prices eked downward four cents to $76.46.
Gold prices restocked $2.70 to $1,786.50 U.S. an ounce.
