U.S. stock futures were flat overnight trading on Tuesday, following the technology-led stock rout that continues to pressure financial markets. 

The sell-off in technology shares worsened on Tuesday as investors rotated out of companies that led the market’s historic comeback from the coronavirus recession.

The tech-heavy Nasdaq Composite underperformed once again on Tuesday — falling more than 4% — after suffering its worst week since March. The Nasdaq has lost more than 10% in the past three sessions, officially entering correction territory. The index is still more than 63% from its 52-week low in March. 

In addition to the high flying FAANG names and stay-at-home stocks, chip stocks were among the biggest losers as tensions between U.S. and China continued to escalate. Meanwhile, a 21% drop in Tesla — its largest single-day stock drop — dragged down the Nasdaq.  

Many on Wall Street believe the technology weakness derived from worries that the massive tech run-up pushed valuations to unsustainable levels. Even with last week’s pullback, the Nasdaq is up more than 60% from its March bottom. 

The Labor Department’s Job Openings Labor Turnover Survey for July will be released at 10:00 a.m. ET on Wednesday and the report —although somewhat dated — should give investors some insight into the labor market. Analysts polled by Dow Jones expect hiring rose 6.0 million in July, up from 5.9 million in June. 

American Eagles Outfitters reports quarterly results before the bell on Wednesday. GameStop, RH and Zscaler report earnings after the bell. 

Plan A : Long if market doesn't retrace much and supported firm above 11174. Targets are 11200, 11235 and 11267.

Plan B : Short if market failed to support above 11174. Targets are 11125, 11074 and 11032.
 

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Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.