Nasdaq futures lead stock drop, Pfizer, CVS boost outlooks

What to expect from markets in May

Kaltbaum Capital Management President Gary Kaltbaum, Kadina Group president Gary B. Smith and Payne Capital Management President Ryan Payne discuss the markets, Biden’s spending plans and economic recovery. 

U.S. stock futures slipped in early trading as investors digested a fresh batch of corporate earnings. 

Nasdaq futures led the declines falling nearly 1%, while S&P and Dow futures also dropped as of 8 AM ET. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34113.23 +238.38 +0.70%
SP500 S&P 500 4192.66 +11.49 +0.27%
I:COMP NASDAQ COMPOSITE INDEX 13895.118204 -67.56 -0.48%

For tech, Tuesday may mark the second day of selling, even as the Dow and S&P posted gains, as investors piled into cyclical stocks and out of higher growth names.

Tesla and AMD were both lower in pre-market action. 

Ticker Security Last Change Change %
TSLA TESLA, INC. 684.90 -24.54 -3.46%
AMD ADVANCED MICRO DEVICES, INC. 78.55 -3.07 -3.76%

 In earnings news, both Pfizer and CVS boosted financial outlooks as demand for COVID-19 related items fueled results. 

"We delivered strong first-quarter results and improved our outlook for the year," said CVS Health President and CEO Karen S. Lynch. "We continue to execute on our strategy while simultaneously managing through a pandemic, helping the country on the road to recovery. 

BIDEN TALKS TAXES ON AMERICANS EARNING LESS THAN $400K

Ticker Security Last Change Change %
PFE PFIZER INC. 40.00 +0.20 +0.51%
CVS CVS HEALTH CORP. 79.06 +1.41 +1.82%

Marathon Oil shares were also lower after the company announced it has reduced $500 million in debt. 

Ticker Security Last Change Change %
MRO MARATHON OIL 11.19 +0.04 +0.36%

After the closing bell investors will get results from Lyft, Xilinx, and Zillow to name a few. 

Ticker Security Last Change Change %
LYFT LYFT INC. 57.08 +1.42 +2.55%
XLNX XILINX, INC. 123.55 -4.41 -3.45%
Z ZILLOW GROUP INC 125.70 -4.42 -3.40%

In commodities, oil continues its upward climb touching the $65 per barrel level, while gold was modestly lower trading at $1,782 an ounce. 

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