What to watch today: Nasdaq futures plunge as tech stocks continue to sink

What to watch today: Nasdaq futures plunge as tech stocks continue to sink  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE TUE, SEP 08, 2020 MORNING SQUAWK Tech stocks continued their rout, with Nasdaq futures tracking for an over 3% decline at Tuesday's open. AS OF TUE, SEP 08, 2020 • 08:25 ET Dow Jones Fut 28,133.31 Current: 27,896.00 Change: -178.00 Impl. Open: -220.31 S&P 500 Fut 3,426.96 Current: 3,372.75 Change: -44.75 Impl. Open: -52.61 NASDAQ 100 Fut 11,622.13 Current: 11,164.75 Change: -384.00 Impl. Open: -457.38 Russell 2000 Mini 1,535.30 Current: 1,521.50 Change: -9.90 Impl. Open: -13.00 BY THE NUMBERS Tech stocks extended their worst rout since March, with Nasdaq futures tracking for an over 3% decline at Tuesday's open. A plunge of that magnitude at the close would bring a three-session loss in the Nasdaq to the brink of a correction, down nearly 10% from Wednesday's record high. Dow and S&P 500 futures were also pointing to lower opens, but not nearly as severe as the Nasdaq. (CNBC) * 10% to 15% market correction would be healthy right now, long-time bull Ed Yardeni says (CNBC) Shares of Softbank sank 7% in Tokyo on Tuesday after a weekend of reports that the Japanese conglomerate made a huge bullish bet on tech stocks. The Wall Street Journal said Softbank used options linked to as much as $50 billion in tech stocks, driving up volumes and contributing to a trading frenzy. Shares of Nikola, already up 244% as of Friday's close, shot up over 30% in the premarket after Tuesday morning's announcement that General Motors is taking an 11% stake in the electric truck maker. The companies are forming a strategic partnership, starting with GM manufacturing Nikola's upcoming Badger pickup truck. Shares of GM were also soaring more than 7% in premarket trading. (CNBC) * Tesla shares crater 15% in premarket trade after S&P 500 snub (CNBC) * S&P s Tesla snub shows the risks to this overheating Nasdaq trade (CNBC) The only economic report of the day comes at 3 p.m. ET, when the government issues July consumer credit figures. Economists expect that credit expanded $13 billion after rising $9 billion in June. No major earnings reports are out this morning, but Lululemon (LULU) and Slack Technologies (WORK) are among the companies set to issue quarterly numbers after today's closing bell. (CNBC) IN THE NEWS TODAY Nine leading U.S. and European vaccine developers, including Pfizer, GlaxoSmithKline and AstraZeneca, pledged Tuesday to uphold scientific standards as they look to develop coronavirus immunizations as quickly as possible. Skeptics have raised questions about the credibility of the Trump administration, saying they fear President Donald Trump will disregard safeguards to speed development of a vaccine as Election Day nears. (Reuters) * BioNTech, Pfizer widened a study of their Covid-19 vaccine candidate (Reuters) Talks over another coronavirus stimulus bill between top Democrats and the Trump administration that broke off last month remain stalled as lawmakers return to Washington from summer recess. The bipartisan unity that drove almost $3 trillion in Covid-19 rescue legislation this spring has been replaced by a return to Washington dysfunction. However, Treasury Secretary Steven Mnuchin said Sunday that a deal between the White House and Congress would fund the government through the beginning of December to avoid a federal agency shutdown when the current money runs out Sept. 30. Details on the so-called continuing resolution are expected to be finalized by the end of the week. Trump predicted a sharp economic rebound next year, saying Monday the U.S. is "rounding the final turn" on the coronavirus pandemic. The president also further denied what he called "phony" recent press reports that quoted unidentified sources saying Trump disparaged veterans. The report by The Atlantic were confirmed by other news organizations, including Fox News. (CNBC) * Trump open to inquiry into Postmaster General DeJoy and campaign contributions (AP) During a swing through battleground state Pennsylvania on Monday, Democratic presidential nominee Joe Biden said that workers live by an "American code," and Trump "lives by a code of lies, greed and selfishness." Biden also called Trump's alleged remarks about fallen soldiers being "losers" and "suckers" un-American. (AP) STOCKS TO WATCH The Federal Aviation Administration said it is investigating manufacturing flaws affecting certain Boeing (BA) 787 jets. It did not elaborate further, but The Wall Street Journal reports that manufacturing issues potentially stretch back almost a decade. Peloton (PTON) is cutting the price of its core exercise bike by 24% and adding a cheaper treadmill and a pricier version of its bicycle to its lineup. CEO John Foley also said the company has been able to cut down on order delays. Apple (AAPL) will start producing 5G iPhones this month, according to a report from Japan's Nikkei news service. Its 2020 production could total 73 million to 74 million units, according to the report, shy of the initial 80 million target, but production delays have improved from a few months ago. Microsoft (MSFT) confirmed Tuesday that it is set to launch a smaller, cheaper version of its upcoming next-generation console. The company is currently gearing up for the release of its Xbox Series X device later this year. Berkshire Hathaway (BRK.B) cut its stake in Wells Fargo (WFC) to 3.3%, according to a Securities and Exchange Commission filing. The cut reduced Berkshire's holdings to about 137.6 million shares, approximately 100 million fewer than it held in the bank at the end of June. Beyond Meat (BYND) signed a deal to open a new production facility near Shanghai, with the plant-based food maker aiming to reach full capacity by early 2021. Exxon Mobil (XOM) is facing a $48 billion shortfall through 2021 due to ill-timed bets on rising demand, according to a Reuters report. The report said investors are also expressing concern about possible cuts to the oil giant's dividend. Starbucks (SBUX) is adding plant-based items to menus across Asia, including offerings from Beyond Meat, Impossible Foods and others. Anheuser-Busch InBev (BUD) has begun searching for its next CEO to replace Carlos Brito, according to the Financial Times. The report said Brito, who has been CEO of the beer brewer for 16 years, is involved in the process and plans to step down sometime next year. Truck maker Navistar's (NAV) possible sale to Volkswagen heavy truck unit Traton could be in jeopardy, due to a reported squabble over a buyout price between board members Carl Icahn and Marc Rachesky. WATERCOOLER After months of delays, Christopher Nolan's sci-fi epic "Tenet" finally arrived in U.S. theaters and generated $20.2 million over Labor Day weekend. Ticket sales, though difficult to dissect given the uncharted waters of the coronavirus era, are roughly in line with expectations for a new release during a pandemic. (Variety) CONTRIBUTORS Matthew J. Belvedere @Matt_Belvedere Peter Schacknow @peterschack Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. 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