Technology Selloff Spreads as Health Care News Supports US Futures

Yesterday’s technology selloff rolled through overseas markets overnight and into this morning. US index futures have stabilized as investors applaud positive health care sector news but express disappointment with results from senior US retailers. President Trump has postponed the imposition of new tariffs on Canada while trade talks continue.

NASDAQ futures and Dow Futures are steady. In Asia, the Nikkei fell 3.2%, South Korea dropped 5.8%, and the Hang Seng gained 0.1%. In Europe, the DAX is down 0.2%, while the FTSE is steady.

Moderna and Merck announced positive Phase III clinical trial results for a skin cancer vaccine. Moderna shares are up 80.7% in premarket trading, while Merck shares are up 7.2%. Lowes is down 3.4%, TJX Companies is down 4.5%, and Target is down 0.3% in premarket action following the retailers’ release of earnings results.

Energy contracts are climbing again today. Crude Oil is up 0.4%, trading above $85.00/bbl, Brent Crude is up 0.3%, trading above $90.00/bbl, and Gasoline is up 0.3%, trading above $3.30/gallon. Gold is up 0.1%, trading near $4,425/oz, while Copper is down 1.0%, trading near $6.40/lb, and Silver is down 0.2%.

US Treasury yields and the US Dollar are backing off a bit today. The US 10-year Treasury note yield has slipped back under 4.70%, while the US 30-year Treasury note yield remains above 5.25%. The USD Index is down 0.2%, the Euro is up 0.3%, and the Loonie is up 0.2%. Looking ahead, minutes from the last Fed meeting are due at 2:00 pm EDT today. Earnings season for US retailers continues Thursday with Walmart reporting.

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