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Shares of Apple Inc <AAPL.O>, Adobe Inc <ADBE.O>, Nvidia Corp <NVDA.O>
and Netflix <NFLX.O>, which have soared more than 70% this year,
slipped about 2% each in premarket trading.
Tesla Inc <TSLA.O> tumbled 6.6%, falling for the third session
after announcing a $5 billion stock offering.
Wall Street has rallied in recent weeks with the S&P 500 and
Nasdaq hitting new closing highs, driven by the strength in
tech-focused companies and unprecedented fiscal and monetary
stimulus measures.
The Nasdaq has surged about 80% from its March 23 lows and the
S&P 500 and Dow have gained about 60% from their lows. The
blue-chip Dow needs to add another 1.2% to surpass its
pre-crisis high hit in February.
Data on Thursday is likely to show the number of Americans
filing for weekly jobless claims remained elevated in the latest
week, but dipped below the 1 million mark. Separately, reading
on ISM's services index probably edged lower to 57 in August
from 58.1.
The pivotal monthly payrolls report by the Labor Department is
set for release on Friday.
Signs that the U.S. economic recovery is faltering has raised
concerns about depleting federal aid. Investors are hopeful that
the next fiscal coronavirus relief bill could be unveiled in the
coming days.
PVH Corp <PVH.N> rose 2.5% after Calvin Klein owner posted a
surprise quarterly profit, boosted by strong online demand for
comfortable and casual clothing during the coronavirus-led shift
to work from home.
At 6:11 a.m. ET, Dow e-minis <1YMcv1> were down 43 points, or
0.15%. S&P 500 e-minis <EScv1> were down 13.5 points, or 0.38%
and Nasdaq 100 e-minis <NQcv1> were down 111.75 points, or 0.9%.
(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)
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