S&P 500, Nasdaq futures fall as investors wait for key inflation data

© Reuters. FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan neighborhood of New York City, New York, United States on April 16, 2021. REUTERS / Carlo Allegri / File Photo

By Shashank Nayar

(Reuters) – Futures tracking the Nasdaq and the Nasdaq fell Monday as investors stayed on the fence earlier this week ahead of key inflation data, while heavy tech stocks broadly opposed a deal by the world’s richest nations on a global minimum corporate tax.

The Group of Seven (G7) advanced economies agreed on Saturday to support a minimum global corporate tax rate of at least 15%, but analysts said the immediate impact on the market would be minimal as the details are still negotiated in the months ahead would have to be.

Shares in Apple Inc (NASDAQ :), Amazon.com Inc (NASDAQ :), Facebook Inc (NASDAQ 🙂 and Google parent Alphabet (NASDAQ 🙂 Inc. fell between 0.4% and 0.5% in pre-market trading, which largely corresponds to the larger market movement. fell 0.4%.

Wall Street major indexes closed higher on Friday, led by technology stocks after a tepid monthly US labor market report eased investor concerns about the Federal Reserve’s withdrawal of its massive stimulus package earlier than expected.

The S&P 500 benchmark is just inches from its record highs from early May as investors turn to May consumer price data due Thursday to gauge inflation patterns in the economy.

At 6:51 a.m. ET, it rose 24 points, or 0.07%, and fell 5.25 points, or 0.12%.

Cinema operator AMC Entertainment (NYSE 🙂 gained 1.8% in pre-trading hours after seeing a nearly 200% increase in the past two weeks, driven by retail investors.

Other “meme stocks” like GameStop (NYSE 🙂 and the US-listed BlackBerry (NYSE 🙂 also rose slightly.

Some traders are betting against another massive rally this week through some sort of bet in the options market that would limit their losses should retail investors prove ahead of time they are wrong.

Drugmaker Biogen Inc (NASDAQ 🙂 rose 3.1% ahead of the US FDA’s decision to approve its Alzheimer’s drug aducanumab.

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