U.S. stock futures slipped Tuesday ahead of a barrage of tech-sector earnings, with a Chinese regulatory crackdown casting an overhang over the market.
U.S. stocks on Monday closed at a record high for the second straight session. The Dow Jones Industrial Average DJIA, +0.24% and the S&P 500 SPX, +0.24% each rose 0.2%, and the Nasdaq Composite COMP, +0.03% inched higher to also set a fresh record.A late-session dive for the Hang Seng put pressure on risk assets across the globe. The Hang Seng HSI, -4.22% ended 4.2% lower, its second consecutive drop of more than 4%, amid China’s unrelenting regulatory crackdown.
Meituan 3690, -17.66% shares dived after China published rules requiring online food platforms to pay minimum wage, but the selling was broad-based, with technology giants Tencent 700, -8.98% and Alibaba 9988, -6.35% BABA, -7.15% each seeing sharp declines.“This crackdown on private businesses from China is significantly denting market sentiment despite a better-than-expected earnings season so far,” said Pierre Veyret, technical analyst at ActivTrades.
Tesla TSLA, +2.21% shares rose 2% in early premarket action as the electric vehicle reported a surprisingly strong profit. After the close, U.S. tech giants Alphabet GOOG, +1.33%, Apple AAPL, +0.29% and Microsoft MSFT, -0.21% report quarterly results. The Federal Reserve kicks off its two-day meeting, and the economics calendar for Tuesday includes durable-goods orders data for June, consumer confidence index for July and the latest Case-Shiller home price index.
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