By Dhirendra Tripathi
Investing.com -- Stocks tumbled on Monday with a shift away from the technology giants and amid new concerns about trade with China.
Tech giants such as Apple Inc (NASDAQ:AAPL),Microsoft Corporation (NASDAQ:MSFT), and Amazon.com Inc (NASDAQ:AMZN)sold off during the session.
It didn’t help when St. Louis Federal Federal Reserve Bank President James Bullard said inflation could remain elevated for some time because higher expectations become entrenched.
But some areas were showing a healthy bounce. Electric vehicle maker Tesla Inc (NASDAQ:TSLA) rose after it revealed it delivered a record number of electric cars in the third quarter.
U.S. trade negotiator Katherine Tai pledged to begin unwinding some tariffs imposed by former President Donald Trump on goods from China, while pressing Beijing in "frank" talks in coming days over its failure to keep promises made in the Trump trade deal and end harmful industrial policies, Reuters reported.
Here are three things that could affect markets tomorrow:
1. Saving Face
Facebook Inc (NASDAQ:FB) slumped Monday as a global outage engulfed all the apps in its umbrella, taking down Whatsapp, Instagram and the parent app itself. "We’re aware that some people are having trouble accessing our apps and products. We’re working to get things back to normal as quickly as possible, and we apologize for any inconvenience," Facebook posted on Twitter (NYSE:TWTR).
The company will likely continue to be in the spotlight Tuesday amid Congressional testimony by a whistleblower.
2/ Pop earnings
Beverage and snack giant PepsiCo Inc (NASDAQ:PEP) is expected to report profit per share of $1.73 for the third quarter on revenue of $19.37 billion. The report is expected after the closing bell.
3. Services activity
Economic activity in the services sector, as represented by the ISM non-manufacturing PMI index, is likely to have fallen to 60 in September from August’s 61.7. The data come out at 10:00 AM ET (1400 GMT).