5 Things to Know Before the Stock Market Opens
Stock futures are trending downward as the market faces a losing week, with the AI sector weakening and investors closely watching Tesla following shareholder approval of CEO Elon Musk’s significant pay package.
Market Futures Drop
In early trading, futures indicate a likely decline across major market indexes this week. Nasdaq 100 futures slid 0.4%, S&P 500 futures fell 0.3%, and Dow Jones Industrial Average futures were down by 0.3%.
Tesla’s CEO Pay Package Approved
Tesla shareholders overwhelmingly approved a pay proposal for CEO Elon Musk valued at around a trillion dollars.
Political Developments
Senate Republicans are pushing to bring a new funding package to a vote in an effort to resolve the ongoing government shutdown.
Cryptocurrency Movement
Bitcoin briefly dipped below $100,000 this morning, hovering near its lowest levels in several months.
Impact on Gaming Sector
Take-Two Interactive Software's stock is declining as the company delayed the release date for its anticipated video game “Grand Theft Auto VI” once again.
Weekly Market Recap
Major market indexes have fallen this week amidst volatile trading. Despite strong earnings from some tech companies, investors are retreating from the AI trade. The Nasdaq is down 2.8%, the S&P 500 has slipped more than 1.7%, and the Dow Jones decreased about 1.4% as of Friday’s trading.
"Major market indexes have retreated this week in sometimes-volatile trading as investors turned their back on the AI trade, despite strong earnings results some tech firms posted."
Author's summary: Stock futures point to a tough week ahead as weakening AI momentum, Tesla’s CEO pay approval, government shutdown talks, and delays in major game releases weigh on markets.