After tech stocks were hit hard on Monday, investors will look for a rebound among the market’s high-flyers this year as well as contend with data on consumer confidence and home prices, both due out in the morning.
At 9:00 a.m. ET, the August report on home prices from S&P/Case-Shiller is due out and should show price rose 0.2% in July. Then at 10:00 a.m. ET, The Conference Board’s latest consumer confidence gauge is set for release, with economists expecting the report to show the reading at 120 in September, down from 122.9 in August..
Investors will also look for a rebound from the tech sector, which saw a broad sell-off on Monday led by the FAANG names — Facebook (FB), Amazon (AMZN), Apple (AAPL), Netflix (NFLX), and Google (GOOGL) — as both Facebook and Netflix lost more than 4% on the day.
In a note on Monday, analysts at Bespoke Investment Group noted that following the last ten times Facebook lost 4% or more in a given trading day, the stock, on average, has lost 2% the next day.
Likely to remain in the news cycle on Tuesday will be the ongoing tension between President Donald Trump and the NFL, which will hold its final game of the week on Monday evening.
By Myles Udland.
Full story at Yahoo News.
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