Futures for U.S. stock markets were strongly negative Tuesday evening after investors pulled back from record intraday highs during the regular trading session, amid questions about the market's direction as the latest earnings season trickles to completion.
Nasdaq was up 0.12% and both the Dow Jones Industrial Average and the S&P 500 0.10% at 9:06 p.m. EDT.
The negative futures come after the U.S. closed higher Tuesday despite giving up gains in the afternoon. Investors appeared to shrug off an unexpected 0.5% decline in productivity as well as a surprise 0.3% increase in wholesale inventories because traders said they believe the post-Brexit rally is here to stay.
Nasdaq closed 0.24% higher at a record 5.225.48 points, while the Dow rose 0.02% Tuesday and the S&P 0.04%.
Asia opened flat Wednesday as investors there wait for economic data out of China later in the week, while worrying about declines Tuesday in oil. Japan's Nikkei was 0.56% lower at 9:24 p.m. EDT while Hong Kong's Hang Seng gained 0.2%. South Korea's Kospi was just 0.01% higher.
Oil continued its decline in Asian trading with futures for industry standard Brent crude off 0.09% at $44.94 a barrel for October delivery and U.S. crude off 0.19% at $42.69 per barrel for September delivery at 9:13 p.m.
The U.S. opened strongly in part because of a rare upbeat day in Europe, spurred on by a handful of strong earnings from the likes of French cable investor Altice and U.K. insurer Standard Life. Germany's Dax gained 2.5% while London's FTSE closed 0.62% higher and France's Cac 1.19%.
The pound continued the European momentum in Asian trade, gaining 0.42% to $1.3052. Meanwhile, the yen retreated 0.4536% against the dollar to ¥101.389.
In extended trading, shares of SunPower (SPWR) plummeted 28.42% to $10.58 after announcing it would lay off 1,200 employees, or about 15% of its workforce, mostly due to the closure of a facility in the Philippines. It will also take a restructuring charge between $30 million and $45 million.
For the full year, San Jose, Calif.-based SunPower now anticipates revenue between $2.8 billion and $3.0 billion. Analysts surveyed by Thomson Reuters are looking for 2016 revenue of $3.29 billion.
While green energy led declines in extended trading, petroleum energy led gainers with Newport Beach, Calif. natural gas company Clean Energy Fuels (CLNE) adding 18.9% to $3.46 after its second-quarter earnings of 3 cents per share soundly beat expectations of 14 cent loss, according to Seeking Alpha.
Fashion company Fossil (FOSL) also profited in after-hours acting, jumping 5.4% to $32. The Richardson, Tex. clothing and accessories company said sales in the current quarter would slip between 2% and 6% over the same period a year earlier and result in between 15 cents and 40 cents in profit, below analyst expectations of 68 cents per share.
However, investors had prepared themselves for the bad news and were cheered by its efforts to rush releasing smart watches for Android phone users.