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Dow Stumbles, Ending Weekly Win Streak
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S&P, Dow Continue to be Hot Thursday Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, February 20, 2024
S&P Futures Dip to Start Abbreviated Week Advertisment
S&P 500 futures moved lower early Tuesday as the market comes off its first losing week in more than a month.
Futures for the
Dow Jones Industrials dropped 100 points, or 0.3%, to 38,597.
Futures for the S&P 500 sank 14.5 points, or 0.3%, at 5,005.25.
Futures for the NASDAQ retreated 63 points, or 0.1%, to 17,681.
Financial stocks were in view Tuesday following a blockbuster announcement in Capital One Financial is reportedly purchasing Discover Financial Services in an all-stock deal worth $35.3 billion, which is expected to close in late 2024 or early 2025. Capital One slumped 3.5% in premarket trading following the announcement, while Discover jumped 16.3%.
In separate deal news, Walmart announced it will acquire TV-maker Vizio for $2.3 billion, or $11.50 a share, leading shares of Vizio to climb above 15% and Walmart higher by 1.9%. Walmart also beat quarterly earnings and revenue expectations, fueled by double-digit growth in the company's global e-commerce sales.
Tuesday kicks off the shortened trading week after U.S. markets were closed Monday in observance of the birthday of George Washington. Investors will watch for leading economic indicators data due at 10 a.m. ET.
In Japan, the Nikkei 225 slipped 0.3% while in Hong Kong, the Hang Seng index pointed upwards 0.6%.
Oil prices stepped back 28 cents to $78.91 U.S. a barrel.
Gold prices brightened $14.80 to $2,038.90 U.S. an ounce.
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