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Traders on the floor of the New York Stock Exchange.
Source: NYSE
U.S. stock futures were little changed Tuesday night following a selloff for the major averages.
Dow Jones Industrial Average futures fell by 16 points, or 0.05%. S&P 500 futures dipped 0.03%, while Nasdaq 100 futures were flat.
In extended trading, Rivian Automotive dipped 2.5% even after the electric automaker beat second-quarter expectations on the top and bottom lines. Penn Entertainment surged 22% after the casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.
Investors are coming off a down session for the major averages Tuesday. The Dow Jones Industrial Average closed 158.64 points lower, or 0.45%. Still, that’s better than where the Dow was at session lows when it declined about 465 points.
Meanwhile, the S&P 500 fell by 0.42%, and the Nasdaq Composite slid 0.79%.
The selloff comes after Moody’s downgrade of several regional banks dampened investor sentiment Tuesday. Some market participants were concerned the signal could spell more trouble for markets ahead, but others say the pullback is expected given the extraordinary rally in equities this year.
“I think you’re just seeing a little bit of a breather,” Victoria Greene, chief investment officer G Squared Private Wealth, told CNBC’s “Closing Bell: Overtime” on Tuesday. “I think we got very overbought, priced to perfection. There are still a lot of macro headwinds. …. So I think is this a little bit warranted.”
Roblox is set to report earnings results before the open Wednesday. Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close.
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