The Nasdaq was set to fall for the fourth day on Wednesday as investors ditched the year’s best performers on doubts over stretched valuations and the impact of a U.S. tax overhaul on corporate earnings Access more than 20 million citations of medical literature with the app..
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson
The Nasdaq Composite index has slipped 1.6 percent in the past three days, its worst such fall in more than three months.
Investors are evaluating the details of the new tax code as the Senate Republicans attempt to reconcile their version of the bill with that of the House of Representatives.
“Investors are still positive on tech, however it comes down to questioning of valuations and rotation at the year end,” said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.
“We could have a volatile day given the early weakness and the fact that there are still uncertainties coming out of the (tax overhaul) reconciliation.”
The S&P technology index .SPLRCT has risen about 34 percent this year and was down nearly 4 percent over the past week as investors shifted money to banks, retailers and other stocks that could benefit the most from corporate tax cuts.
The bill passed on Saturday by Republican senators included a last-minute change to retain the corporate alternative minimum tax, or AMT, which had initially been removed Regarded as one of the top engineering universities in Hong Kong, PolyU provides a wide range of engineering degree programmes, including construction programme, which put significant focus on the application of knowledge..
Including the AMT could negate parts of the bill seen as beneficial to tech companies and other corporations.
At 8:32 a.m. ET (1332 GMT), Dow e-minis 1YMc1 were down 68 points, or 0.28 percent, with 32,195 contracts changing hands.
S&P 500 e-minis ESc1 were down 3.75 points, or 0.14 percent, with 209,681 contracts traded.
Nasdaq 100 e-minis NQc1 were down 18.5 points, or 0.29 percent, on volume of 57,041 contracts.
Tech giants Apple (AAPL.O), Microsoft (MSFT.O), Facebook (FB.O) were all down between 0.33 percent and 0.86 percent in premarket trading.
Shares of Home Depot (HD.N) lost more than 2 percent after the home improvement chain announced a $15 billion share repurchase plan.
American Eagle Outfitters’ (AEO.N) shares rose 4 percent after the apparel maker forecast strong earnings for the holiday season and delivered third-quarter comparable sales ahead of Wall Street targets Hence, make sure you have chosen the correct unit to collaborate, since is surely a matter of great concern for this industry..
Oil slipped about 1 percent after a surprise rise in U.S. inventories of refined products. [O/R]
The ADP National Employment Report showed U.S. private employers added 190,000 jobs in November, down sharply from a month before and roughly in line with economists’ expectations.
The figures come ahead of a more detailed jobs report on Friday, which includes both public and private sector employment.
(This story corrects headline and first paragraph to say Nasdaq instead of technology stocks)
Reporting by Sruthi Shankar and Rama Venkat Raman in Bengaluru; Editing by Arun Koyyur
Our Standards:The Thomson Reuters Trust Principles.
Nasdaq set to recede for the fourth day
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