Stock Futures Fell and Stocks in Asia-Pacific Were Mixed
U.S. stock futures declined on Tuesday. Interestingly, Dow Jones Futures, along with S&P 500 futures as well as Nasdaq 100 futures dropped on March 2, following Monday’s stock market surge. As a reminder, Tesla rebounded on Monday, while Zoom stock soared on earnings. However, Nio’s earnings missed estimates, resulting in a sharp fall.
On Monday, the tech-heavy Nasdaq composite added 3%, its best day since November 4. Moreover, the S&P 500 gained 2.4%, and Dow Jones Industrial Average advanced 1.95%.
Let’s have a look at Dow Jones leaders. Apple added 5.4% on March 1, and Microsoft rallied nearly 2% in today’s stock market. Interestingly, Visa is in the buy range above a new buy point.
Moreover, Tesla gained more than 6% on Monday. As a reminder, Zoom Video strong quarterly earnings results on Monday. Its stock jumped 10% in extended trade. As mentioned above, Chinese EV leader Nio missed earnings estimates on Monday.
People should keep in mind that, among the top stocks to watch, RH and Target are approaching new buy points amid the current stock market pullback.
Interestingly, before the stock market opens on Tuesday, Dow Jones Futures and S&P 500 futures fell about 0.35% each vs. fair value. Nasdaq 100 futures dropped 0.3% vs. fair value. People should take into account that trading in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
Stocks in Asia-Pacific and Wall Street
It was an easy day for stocks in Asia-Pacific. It is worth noting that stocks were mixed on Tuesday following strong gains overnight for shares on Wall Street.
South Korea’s Kospi added 1.03% to end its trading day at 3,043.87, following its return from a Monday holiday.
Mainland Chinese stocks fell on Tuesday. The Shanghai Composite dropped 1.21% to 3,508.59. In the meantime, the Shenzhen component declined 0.715% to 14,751.12.
Hong Kong’s Hang Seng index fell more than 1% as of its final hour of trading.
In Japan, the Nikkei 225 dropped 0.86% to close at 29,408.17. At the same time, the Topix index fell 0.4% to finish its trading day at 1,894.85.
Australia’s S&P/ASX 200 declined 0.4% lower at 6,762.30.
The Reserve Bank of Australia on Tuesday made an announcement. According to the announcement, the central bank decided to keep its current policy settings, including leaving its cash rate at 0.1%.
