Stock futures sink as cryptocurrencies slammed

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U.S. stock futures were under pressure Wednesday as technology shares bore the brunt of the selling while cryptocurrencies were pummeled.

Dow Jones Industrial Average futures were lower by 282 points, or 0.83%, while S&P 500 futures and Nasdaq 100 futures were down 0.95% and 1.37%, respectively. 

In stocks, Tesla Inc. and MicroStrategy Inc. were in focus as bitcoin tanked by as much as 13%, hitting a session low of $37,378 per coin. Both companies have purchased billions worth of the cryptocurrency.

Elsewhere, Target Corp. reported quarterly revenue spiked 23% as same-day services like curbside pickup provided a lift. The retailer sees mid-to-high single-digit comparable sales growth in the current quarter and single-digit growth in the final two quarters of the year. 

Lowe’s Companies Inc. said quarterly same-store sales jumped 26% year over year as Americans continued to make home improvements amid the pandemic. The growth trailed that of rival Home Depot Inc., which on Tuesday reported a 31% increase. 

Meanwhile, Southwest Airlines Co. reduced its average core cash burn forecast by $1 million per day amid improving leisure travel demand spurred by vaccinations and an easing of travel restrictions. Additionally, the airline boosted its quarterly fuel cost forecast by 5 cents per gallon to between $1.90 and $2. 

In commodities, West Texas Intermediate crude oil lost $1.19 to $64.30 per barrel and gold slid $11.50 to $1,856.50 per ounce.

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Overseas markets were broadly lower. 

Britain’s FTSE 100 declined 1.07% after U.K. inflation more than doubled in April. Elsewhere in the region, France’s CAC 40 slipped 1.08% and Germany’s DAX 30 fell 1.31%. 

In Asia, Japan’s Nikkei 225 lost 1.28% and China’s Shanghai Composite dropped 0.51%. Hong Kong’s Hang Seng index was closed for holiday. 

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