US STOCKS-Futures point to dip on Wall St after two days of gains

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

* Futures down: Dow 183 pts, S&P 17.25 pts, Nasdaq 46.75 pts By Sruthi Shankar Feb 13 (Reuters) - U.S. stock futures pointed to another dip at the open for Wall Street on Tuesday, halting two days of gains that had somewhat cooled investor nerves about a burgeoning market correction. By 6:53 a.m. ET (1153 GMT), Dow e-minis 1YMc1 were down 183 points, S&P 500 e-minis ESc1 were down 17.25 points and the Nasdaq 100 e-minis NQc1 were down 46.75 points. The major indexes gained roughly 3 percent over Monday and Friday, their best two-day period since June 2016, after declining in four of the previous five trading sessions to finish last week with its worst performance in two years. Those falls wiped out all of the year's gains for the benchmark S&P 500 .SPX and the blue-chip Dow Jones Industrial Average .DJI , which are now down 0.5 percent and 0.7 percent, respectively, so far in 2018. The tech-heavy Nasdaq .IXIC was still clinging to a 1.4 percent gain for the year as of end of trade Monday. Helping stocks on Monday was the announcement of President Donald Trump's budget, which included an infrastructure spending plan that boosted sectors such as materials and industrials. A widely-followed measure of short-term stock market volatility, the CBOE Volatility Index .VIX , opened at 26.94 points, after two days of relative calm. The index had jumped above 50 points during last week's sell-off. Crucial to the rest of this week will be Wednesday's inflation numbers. The fall in stocks was sparked initially by rises in bond yields, and associated concern over price growth, as U.S. interest rates return steadily to pre-financial crisis levels. U.S. 10-year Treasury yields US10YT=RR were hovering at 2.8312 percent, falling back from a four-year peak of 2.9020 percent hit on Monday. US/ Cleveland Fed President Loretta Mester, a voting member in the U.S. central bank's rate-setting committee this year, is due to speak on the economic outlook and monetary policy later on Tuesday. More than three-fifths of the companies on the S&P 500 have reported earnings, with nearly 78 percent of them topping profit expectations, according to Thomson Reuters data. That is above the 72 percent average beat-rate in the past four quarters. Shares of Under Armour UA.N UAA.N rose more than 10 percent in premarket trading after the sportswear maker reported quarterly revenue that beat analysts' estimates. Drug distributor AmerisourceBergen ABC.N jumped nearly 13 percent after the Wall Street Journal reported Walgreens WBA.O approached the company for a takeover. Walgreens fell 1.8 percent. urn:newsml:reuters.com:*:nL2N1Q302A (Reporting by Sruthi Shankar in Bengaluru) ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328; Reuters Messaging: sruthi.shankar.reuters.com@reuters.net)) Keywords: USA STOCKS/

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.