Stock Futures Fade After Record Highs

U.S. stock futures ticked lower Tuesday, putting Wall Street on track to build on the previous session’s decline.

Futures for the Dow Jones Industrials caved 98 points, or 0.3%, to 38.924.

Futures for the S&P 500 fell 16 points, or 0.3%, to 5,122.75.

Futures for the NASDAQ gave back 96.25 points, or 0.5%, to 18,165.75.

AMD shares traded 2% lower after Bloomberg News reported the chipmaker hit a regulatory snag that will prevent it from selling an artificial intelligence chip to China. Apple shed 2% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024.

GitLab tumbled more than 20% after the software company posted a weak forecast for the full year. On the other hand, Target jumped more than 7% after holiday-quarter earnings came in better than Wall Street anticipated.

On the data front, the S&P Global US Services purchasing managers’ index, durable goods orders and ISM Services Index are scheduled for release Tuesday morning.

In Japan, the Nikkei 225 ditched nearly 12 points Tuesday, while in Hong Kong, the Hang Seng index slid 2.6%.

Oil prices dropped 78 cents to $77.96 U.S. a barrel.

Gold prices climbed $9.50 to $2,035.80 U.S. an ounce.

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