Moderna vaccine and disposable syringe for injection in doctors hands.

US stocks futures took an unexpected turn, only to start the week in the red. Nasdaq 100 futures were almost unchanged ahead of huge tech stocks earnings later in the week. Futures contracts tied to the Dow Jones Industrial Average inched 113 points lower. S&P 500 futures also inched lower.

US Market Stance

The Nasdaq 100 index closed the week 152 points higher on Friday after a jump in the manufacturing PMI for July. The services Purchasing Managers Index (PMI) for the same month came in lower at 59.8. the manufacturing PMI came in at 63.1 beating the 62.0 estimates.

The US Markit Composite Purchasing Managers Index for July was 59.7. This was contributed by a robust upturn in private sector activity amid faster expansion in manufacturing output. The total employment growth eased to a four-month low as labor shortages heavily weighed on the sector.

US Treasury yields started the week lower after a rebound on Friday. The yield on the benchmark 10-year Treasury note fell to 1.251%. The yield on the 30-year Treasury bond fell to 1.888%.

Oil prices dived on Monday as the surging coronavirus cases and floods in China threaten demand. WTI Crude fell 0.46% to trade at $71.73 per barrel while Brent Crude slipped 0.36% to trade at $73.84 per barrel.

Nasdaq 100 index will react to the quarterly earnings reports of technology’s heaviest hitters later in the week. Apple, Alphabet, and Microsoft are set to release their reports on Tuesday. Facebook, Google, and Amazon will release their reports later this week.

Investors have shifted their focus to the Fed’s two-day policy meeting which is set to begin on Tuesday. The Federal Reserve is expected to announce its interest rate decision on Wednesday. The Federal Open Market Committee (FOMC) will also issue its monetary policy statement on the same day.

The New Home Sales data for June is due later in the day. The US CB Consumer Confidence for July will also be released on Tuesday. The Consumer Confidence is expected to come in lower at 124.1 from the previous 127.3.

Nasdaq 100 Movers

The best performer in the Nasdaq 100 premarket trade was Moderna Inc. The biotechnology company gained 1.43% in its stock earnings. The stock was recently added to the S&P 500 index on July 21st.

ASML ADR gained 1.38% in its stock earnings after a fall in its earnings for the second quarter. The semiconductor company announced on Wednesday last week that its earnings for the second quarter fell short of expectations.

PayPal was also among the top performers in premarket trade. The company is expected to report its second-quarter earnings later this week. The company expects its revenue for the second quarter to come in at $6.25 billion.

On the flipside, Pinduoduo led the drags in the premarket trade. The company’s stock price fell 10.82%. Pinduoduo is the largest agriculture-focused technology platform in China.

NetEase Inc lost 8.42% in its stock price. NetEase is a Chinese Internet technology company that provides online services.

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