Stock futures slip as Wall Street struggles to extend last week’s gains.
. Facebook and Alphabet each lost more than 1% last week. Microsoft dropped 5.1% in that time period while Amazon and Netflix slid 7.4% and 10.2%, respectively. Those declines led to the Nasdaq Composite's first weekly loss in three weeks. These stocks have been the stalwarts on Wall Street this year as investors bet these companies' business models can keep them growing during the pandemic.
"If the sector can just take a rest, and keep in the middle of the pack akin to a smart jockey that has a lot of horse under him in a thoroughbred race, then it will likely see a surge again into the fall," he added. Facebook shares fell 1% in premarket trading following a Wall Street Journal report that Walt Disney, the social network's top U.S. advertiser, was slashing ad spending.to buy Noble Energy. The all-stock transaction is valued at $5 billion, or $10.38 a share. Noble shares jumped 8.8%.Traders also turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures.
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