"Tech Stocks Pressured In Premarket Trading...

From Investor's Business Daily, 8:50 AM ET:

Dow Jones futures and S&P 500 futures showed modest losses in premarket trading Wednesday, while technology stocks faced more selling pressure. McDonald's (MCD) was an early gainer in the Dow, up nearly 1% to 171, on reports Guggenheim upgraded shares to buy from hold with a 200 price target.

Nasdaq 100 futures were down 0.6%. Losses in the FAANG stocks — Facebook (FB), Apple (AAPL), Amazon.com (AMZN), Netflix (NFLX) and Google-parent Alphabet (GOOGL) ranged from 0.4% to 0.5%.

Dow component Travelers (TRV) also made early headlines on news of a partnership with Amazon.com (AMZN).

When it comes to overall market technicals, it's a mixed picture. The Nasdaq composite marked its fourth straight close below its 50-day moving average Tuesday, while the S&P 500 is battling for support at the 50-day line. The Russell 2000 small-cap index is now probing longer-term support at the 200-day moving average.
The Dow is still holding above its 50-day line as money continues to flow into large-cap names.

Dow Jones Futures: Breakout For McDonald's?
McDonald's has rallied nicely after hitting a low of 156.56 on Sept. 17. Watch for the stock to take out its prior high of 171.56. If it does, it would qualify as a technical breakout.

Elsewhere, shares of PPG Industries (PPG) were in rally mode early Wednesday, up 3%, after activist investor Trian announced a 2.9% stake. Shares plunged  10% Tuesday after the maker of paints, coatings and specialty materials said results for the rest of the year would be hurt by higher costs.

China-based electric car maker Nio (NIO) extended gains after shares surged 22% Tuesday. Baillie Gifford & Company, one of Tesla's (TSLA) largest shareholders, has taken an 11% stake in Nio. Nio went public in September at 6.25 a share. Shares were trading around 8.10 early Wednesday, up another 9%.

U.S. crude oil futures edged lower t0 $74.79 a barrel as Hurricane Michael took aim at Florida. It's now  a Category 4 storm expected to make landfall today....MORE