Investing.com - U.S. futures pointed to a lower open on Tuesday, with the Dow on track for a triple-digit loss amid worries over technology stocks as investors looked ahead to retail earnings.
The S&P 500 futures fell 16 points or 0.60% to 2,680.0 as of 6:38 AM ET (11:38 GMT) while Dow futures were down 130 points, or 0.52%, to 24,899.0. Meanwhile tech heavy Nasdaq 100 futures decreased 72 points, or 1.08%, to 6,600.0.
Technology stocks closed in the red on Monday, amid worry over demand for new Apple AAPL products over the holiday season.
Apple Inc (NASDAQ:AAPL) fell 1.66% in premarket trading as news of the company cutting production of its latest iPhone models continued to weigh, while Facebook (NASDAQ:FB) dipped 1.60%, Amazon (NASDAQ:AMZN) decreased 2.07% and Netflix (NASDAQ:NFLX) was down 1.70%. Google parent company Alphabet (NASDAQ:GOOGL) also inched down 0.10%. Lowe’s Companies Inc (NYSE:LOW) fell 2.57% after news that it plans to exit retail operations in Mexico.
Elsewhere, Pacific Gas & Electric Co (NYSE:PCG) surged 5% despite concerns over power outages sparking the deadliest fire in Northern California. Urban Outfitters (NASDAQ:URBN) increased 1.40% after its financial results came in better than expected.
Third-quarter earnings season begins to wind down this week, with some retailers expected to report later Tuesday.
Target (NYSE:TGT) slumped 11% after its earnings came in lower than expected.
Ross Stores (NASDAQ:ROST), Gap Inc (NYSE:GPS) and Foot Locker Inc (NYSE:FL) are also expected to report later in the day.
In economic news, building permits and housing starts are released at 8:30 AM ET (13:30 GMT).
In commodities, gold futures fell 0.11% to $1,224.00 a troy ounce while crude oil futures increased 0.14% to $57.28 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.11% to 96.17.