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Dow futures fall 150 points as stocks are set to fall for a second day

U.S. stock futures fell on Tuesday, pointing to a second day of losses for a stock market that had been climbing steadily to record after record.

Dow Jones Industrial average futures fell 155 points, or 0.5%. S&P 500 futures lost 0.4%. Nasdaq 100 futures also shed 0.4%.

The major averages fell on Monday, dragged down by overall weakness in the technology sector. The Dow Jones Industrial Average lost more than 120 points, dragged down by a more than 1.5% drop in Intel’s stock. The S&P 500 dropped more than 0.5%.

The Nasdaq Composite was the relative underperformer, dipping nearly 1% as Facebook, Amazon and Microsoft all closed lower. Tesla dipped more than 3% as bitcoin — which makes up some of Tesla’s balance sheet— tanked over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics. 

Tech stocks were weak again in premarket trading Tuesday with shares of Tesla and Nvidia lower.

The small-cap benchmark Russell 2000 dropped 1.4% on Monday and was set for more losses Tuesday with futures on the index down 0.8%.

The Dow and S&P 500 closed at records on Friday and the Dow crossed above the 34,000 level for the first time ever last week.

The first-quarter earnings season got off to a strong start last week as the major U.S. banks reported. Financials earnings have topped expectations by 38%, while others in the S&P 500 have surprised to the upside by 12%, according to data from Credit Suisse.

Earnings season continues on Tuesday with streaming giant Netflix after the bell. Wall Street analysts expected Netflix to remain a winner in the streaming space even as the pandemic recovery improves.

Other big reports from Johnson & Johnson, Procter & Gamble and Travelers land before the market opens, with CSX and Interactive Brokers releasing results after the bell.

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