US pre-open: Futures trade lower as Nasdaq retreats from record high

5th Mar 2024 11:10

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday as stocks looked set to pick up where they left off yesterday.

As of 1230 GMT, Dow Jones futures were down 0.09%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.26% and 0.63% weaker, respectively.

The Dow closed 97.55 points lower on Monday, while the tech-heavy Nasdaq Composite retreated from its all-time record.

In focus early on Tuesday, shares in chipmaker AMD traded lower in pre-market on the back of a Bloomberg report that claimed the company had hit a regulatory snag that would prevent it from selling an artificial intelligence chip to China while GitLab shares crashed after the software firm issued weak full-year guidance.

Elsewhere in the corporate space, retailers Target and Nordstrom will report earnings on Tuesday, as will cloud-based content management business Box.

On the macro front, S&P Global's composite and services PMIs will be released at 1445 GMT, followed by the Institute for Supply Management's services PMI at 1500 GMT.

Also likely to draw an amount of investor attention, Federal Reserve governor Michael Barr will deliver a speech at 1700 GMT.

Reporting by Iain Gilbert at Sharecast.com