Stock futures dip following three straight days of losses on Wall Street
- Date: 20-May-2021
- Source: CNBC
- Sector:Technology
- Country:Middle East
Stock futures dip following three straight days of losses on Wall Street
Stock futures fell slightly in overnight trading on Wednesday after major averages registered a third straight day of losses amid a drop in cryptocurrency prices. Futures on the Dow Jones Industrial Average dipped 60 points. S&P 500 futures and Nasdaq 100 futures both fell 0.2%. Shares of Cisco fell 5.5% in extended trading after the data center networking hardware maker issued weaker-than-expected for the current quarter. The moves in futures followed a roller-coaster session on Wall Street triggered by a sudden drop in bitcoin price, which led to a sharp sell-off in many speculative areas of the market. Cryptocurrency-linked shares, including , and , led the market decline as tanked as much as 30% Wednesday. The S&P 500 slid 1.6% at its session low in the previous session but recouped most of the losses to close down just 0.3% as the market stabilized and bitcoin bounced off its low. The blue-chip Dow finished the session about 160 points lower after plunging 580 points at one point. The tech-heavy Nasdaq Composite ended the day flat, erasing a 1.7% drop. "Crypto, after all, is the poster child for liquidity-induced speculation and the fact that this is now deflating ... lends credence to