Dow Jones futures declined at a steady rate on Wednesday morning, with the S&P 500 and Nasdaq futures following closely in their footsteps. This news comes after the stock market’s previous rally closed lower on Tuesday.
While Dow Jones futures declined by 0.4%, S&P 500 futures and Nasdaq 100 futures slumped by 0.5% and 0.8% respectively. Despite these declines, several high-tech Nasdaq stocks experienced significant gains during the session, including the likes of Apple, Amazon, Facebook, and Google.
EV market leader Tesla lost much of its previous gains during Wednesday’s early trading, particularly since it reported that the production of 10,000 electric vehicles is currently on hold due to a vital part being missing. It is widely believed that this issue may be related to the current global shortage of automotive chips.
Retailer Target also experienced a steady decline, with its stocks sliding back to its 10-week moving average. Arguably the biggest loser on Wednesday was cryptocurrency Bitcoin, which plummeted in value to $38,585.86; the lowest since February.
This decline was followed by an update from Elon Musk, who announced that Tesla would no longer be accepting Bitcoin payments due to environmental concerns. Musk had previously praised Bitcoin, with Tesla purchasing $1.5 billion worth of the cryptocurrency back in February.
