Inventory futures slip after Large Tech promoting pushes S&P 500 off document

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FAANG stocks displayed at the Nasdaq.

Adam Jeffery | CNBC

Futures contracts tied to the major U.S. stock indexes slipped at the start of the overnight session Monday evening after investors punished Big Tech equities during the regular session.

S&P 500 futures shed 0.1%, while those tied to the Dow were little changed. Nasdaq 100 futures came under the most pressure and retreated 0.25%.

Big Tech got clobbered on Monday as investors exited stocks like Apple and Microsoft, pushing the Dow Jones Industrial Average and the S&P 500 off their record highs. Both of those stocks lost at least 2% to start the week.

The Nasdaq Composite suffered the worse of the selling and fell 2.5%, finishing the day at its session low. Facebook lost more than 4%, while Amazon and Netflix both dropped over 3%. Alphabet dipped more than 2% after a downgrade by Citigroup. Cathie Wood’s Ark Innovation ETF fell 5% to its lowest level since November as Tesla, its top holding, shed more than 6%.

Gasoline futures whipsawed in volatile trading on Monday after a ransomware attack forced Colonial Pipeline to close the largest U.S. fuel pipeline over the weekend. The company, which operates a 5,500-mile system, said Monday afternoon that parts of its system are being brought back online, and it hopes to restore service by the end of the week.

Gasoline futures ended the day 0.31% higher at $2.1334 per gallon. At one point in the overnight session, gasoline futures jumped as high as $2.217, levels not seen since May 2018.

Several stocks made moves in extended trading on Monday following earnings results.

Simon Property Group saw its stock retreat about 1% after the bell despite better-than-expected numbers. The real estate property manager reported first-quarter earnings of $1.36 per share on revenues of $1.15 billion.

Callaway Golf, meanwhile, said it’s seeing robust demand for its equipment and apparel, pushing shares up 5% after regular trading ended in New York. Electronic Arts, Chesapeake Energy, Hanesbrands, and Palantir Technologies will all deliver earnings results on Tuesday.

The Labor Department will on Tuesday publish the latest results of its Job Openings and Labor Turnover Survey. Several high-ranking Federal Reserve officials, including Governor Lael Brainard and New York Fed President John Williams, are also scheduled to deliver remarks.

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