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. 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34113.23+238.38+0.70%
SP500S&P 5004192.66+11.49+0.27%
I:COMPNASDAQ COMPOSITE INDEX13895.118204-67.56-0.48%

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. 

TickerSecurityLastChangeChange %
TSLATESLA, INC.684.90-24.54-3.46%

 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. 


TickerSecurityLastChangeChange %
PFEPFIZER INC.40.00+0.20+0.51%
CVSCVS 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. 

TickerSecurityLastChangeChange %
MROMARATHON OIL11.19+0.04+0.36%

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

TickerSecurityLastChangeChange %
LYFTLYFT INC.57.08+1.42+2.55%
XLNXXILINX, INC.123.55-4.41-3.45%
ZZILLOW GROUP INC125.70-4.42-3.40%

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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