(Bloomberg) Stock futures are barely budging relative to the havoc wreaked by Facebook in the tech space. Case in point is the the ETF that tracks the Nasdaq 100 index (QQQ), which is reversing ~1.5% lower in pre-market trade after notching a record high close on Wednesday. Optimism out of the Trump-Juncker tariff breakthrough meeting may be buoying the broader tape — it certainly gave a bid to the European automakers (Fiat Chrysler +4.7%, BMW +3%, Daimler +2.2%) — but the collapse of the NXP Semi/Qualcomm deal shouldn’t be swept aside as just a loss for so many risk arbitrage traders.
Hedge Funds Have Never Needed a Bezos Beat More
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