Dow Jones Today: Stock Futures Holding Steady After Three Days of Big Declines; Bitcoin Slides Below $90,000

Stock futures tied to major U.S. stock indexes are wavering between slight gains and losses Tuesday as the market looks to rebound from its recent sell-off. 

Futures tied to the Dow Jones Industrial Average and S&P 500 were each up 0.1%, while Nasdaq futures were flat. The S&P 500 and Nasdaq are coming off of three straight days of big declines, while the Dow eked out a slight gain on Monday after posting its worst weekly performance since October last week.

The major indexes, which were near record highs a week ago, have slumped in recent sessions amid investor concerns about the economic outlook and uncertainty about the potential impact of policies coming out of the White House.

Shares of major technology companies, which led the decline on Monday, were mixed in premarket trading today. AI chipmaker Nvidia (NVDA), which is due to report quarterly results after the closing bell tomorrow, was up nearly 1%, while Apple (AAPL), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also gained ground. Microsoft (MSFT), Alphabet (GOOG) and Tesla (TSLA) were slightly lower.

Palantir (PLTR) shares, which have lost about a quarter of their value in the past week amid concerns the analytics software company could be affected by reduced Defense Department spending, were up nearly 3% this morning. Shares of server maker Super Micro Computer (SMCI) were up more than 4% ahead of a deadline today to issue delayed 2024 financial reports required by Nasdaq.

Shares of Home Depot (HD) were little changed after the home improvement retailer reported quarterly results that topped Wall Street estimates but issued a weaker-than-expected outlook.

The earnings calendar is relatively light on Tuesday but picks up in the coming days. In addition to the Nvidia report, which is arguably the most important earnings release of the quarter for market participants, Lowe’s (LOW), Salesforce (CRM) and Dell Technologies (DELL), among others, are set to report results.

Shares of companies tied to bitcoin were losing ground this morning as the digital currency dropped below $90,000 for the first time in more than a month. Bitcoin was trading at $89,400 recently, down from around $93,000 late Monday and near $100,000 at the end of last week.

Shares of Strategy (MSTR), which was formerly known as MicroStrategy and is among the world’s largest holders of bitcoin, were down more than 4%. Crypto exchange Coinbase Global (COIN) and bitcoin miner MARA Holdings (MARA) also fell about 4%.

Gold futures were down 0.7% at around $2,940 an ounce, retreating from record high levels hit on Monday, while West Texas Intermediate crude oil futures slipped 0.8% to $70.15 per barrel.

The yield on the 10-year Treasury, which is correlated with expectations about where interest rates are headed and influences all sorts of borrowing costs, was at 4.33%, down from 4.39% yesterday and trading at its lowest level in more than two months.