Nasdaq futures rise after benchmark's worst day since April: Live updates
How much did Pool Corp lower its full-year earnings guidance?
Pool Corp lowered its full-year earnings guidance to a range between $11.04 and $11.44 per share, down from the previous range of $13.19 to $14.19 per share. This revision comes as sales are trending down 6.5% from the same period last year, with the company citing cautious consumer spending on big-ticket items like swimming pools and outdoor living projects.
What was the percentage drop of the Nasdaq-100 futures?
The Nasdaq-100 futures experienced a decline, with Nasdaq-100 futures falling 0.4% and S&P 500 futures dropping 0.2%. This came after a sell-off in technology stocks led the Nasdaq Composite to its worst day since April.
What caused the Nasdaq Composite's worst day since April?
The Nasdaq Composite's worst day since April was primarily caused by a sell-off in technology stocks, particularly in semiconductor companies. This was triggered by profit-taking in sectors such as AI, data computing, and semiconductors, with Nvidia's sharp drop contributing significantly to the decline. The rotation out of these stocks led to a broad market decline, with the tech-heavy index falling over 1%.