Dow set for triple-digit rebound after tech-heavy sell-off

Business


U.S. stock futures traded higher on Tuesday following a sharp downturn in the previous session.

As of around 4:40 a.m. ET, Dow Jones Industrial Average futures rose 108 points, indicating a higher open of 112 points, while S&P 500 and Nasdaq futures were also in positive territory.

On Monday, equities dived with the Dow falling just over 600 points amid a confluence of worries including a sharp decline in Apple’s share price, U.S. dollar strength and simmering global trade tensions. Shares of Apple closed 5 percent lower on Monday after Lumentum, one of the tech giant’s facial recognition suppliers, cut its outlook and said it received a request from a large customer to “materially reduce shipments” of its 3-D sensing laser diodes.

As for trade, Bloomberg News on Monday reported that President Donald Trump intends to meet with his trade team on Tuesday to discuss a draft report on European auto tariffs.

In other political news, Trump on Monday urged election officials in Florida to end a recount and declare victory for his fellow Republicans in the disputed races in last week’s midterm elections. Meanwhile, Democrat Kyrsten Sinema declared victory in the closely contested Arizona race.



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