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Futures Reverse Overnight Ramp After ECB Hints At Its Own Taper

Stock markets set new record highs on Tuesday as investors ended August in a buoyant mood, confident that the Federal Reserve’s eventual tapering of QE would not knock asset prices anytime soon. S&P futures initially hit a new all time high after the underlying index notched its 12th all-time high in August and 53rd for the year, rising as high as 4,542.

Before dropping after the ECB’s Holzmann said the ECB should start its own tapering debate as the following Bloomberg headlines show.

Nasdaq futures also turned red while Dow Jones futures were modestly in the green at 7am.  Oil also fell, along with the dollar.  In U.S. premarket trading, Chinese gaming-related stocks listed in the U.S. recovered from Monday’s slump, while Zoom dropped 11% after the video-conferencing company’s guidance confirmed the concerns of bears over a slowdown in pandemic-fueled growth even as bullish analysts say this offers a buying opportunity with the company’s long-term attractions intact.  Other notable movers included:

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