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S&P Futures Flat Ahead Of Earnings Deluge; Nasdaq Drops As Tesla Looms

S&P futures were flat, Nasdaq futures dipped ahead of FAAMG earnings while European stocks clawed their way higher on Monday and Asia rose as world markets began the week in a relatively upbeat – if quiet – mood following further signs last week that economies are recovering rapidly. There were no major moves, however, as investors refrained from taking on large positions ahead of this week’s Federal Reserve meeting, US GDP print and corporate earnings barrage.

At 7:30 a.m. ET, Dow e-minis were up 30 points, or 0.09%, S&P 500 e-minis were down 3.75points, or 0.08%, and Nasdaq 100 e-minis were down 48.75 points, or 0.37%.

Nasdaq 100 futures dropped to as much as 0.4%, reversing earlier gain of as much as 0.1%, as big technology stocks retreated ahead of first-quarter results later this week, while Treasury yields rose. Nasdaq was also weaker following a weekend report that investors had pulled a whopping $6BN from the QQQ ETF in the past five days, the most since the dot com bubble burst.

High-flying firms, including Amazon, Facebook, Alphabet and Microsoft slipped between 0.2% and 0.4% in premarket trading. Tesla edged higher as analysts expect the electric automaker to report a rise in first-quarter revenue when it reports after markets close following record deliveries for the period.

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