Sentiment was hit by a sharp slide in Tesla stock after Elon Musk suggested he was prepared to boost market share at the expense of profit margins.
U.S. stock futures point to a lower open on Thursday, with the tech-heavy Nasdaq leading the retreat after Tesla’s stock slumped nearly 8%.
How are stock-index futures trading On Wednesday, the Dow Jones Industrial Average DJIA fell 80 points, or 0.23%, to 33897, the S&P 500 SPX declined 0.4 points, or 0.01%, to 4155, and the Nasdaq Composite COMP gained 4 points, or 0.03%, to 12157. The news reminded investors of potential dangers lurking within the unfolding first-quarter earnings season.
“U.S. equity markets are firmly bottled up within the range and showing no momentum,” said the strategy team at Saxo Bank. ‘’Equity trading is lackluster and oil prices have continued their descent…as more worries bubble up about the strength of the global economy and economies brace for further rate hikes from central banks,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
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