Nasdaq futures fall as tech selloff continues

Nasdaq futures were lower on Tuesday as selloff in tech stocks continued, while the Dow was higher as investors looked to profit from stocks that would benefit from potential corporate tax cuts. 

The Senate approved its version of tax code overhaul in a 51-49 vote over the weekend. Talks will begin likely next week between the Senate and the House, which had approved its own version of the legislation. 

Once the bills are reconciled, the resulting bill could cut corporate tax rates to 20 percent from 35 percent.

The S&P 500 ended with a loss after hitting an intra-day all-time high earlier in the day, while the technology-heavy Nasdaq dropped 1.05 percent. 

The S&P tech sector .SPLRCT has been the best performing sector this year, far outperforming the broader index, but investors are worried about stretched valuations.

Regal Entertainment (RGC.N) was 6 percent higher after the company agreed to be bought by Britain’s Cineworld (CINE.L) for $3.6 billion in cash

Snap (SNAP.N) was up 3.8 percent after Barclays raised the stock’s rating to overweight and price target to $18.

Toll Brothers (TOL.N) slumped 8.2 percent after the company’s quarterly profit and revenue missed estimates and it forecast a decrease in full-year 2018 adjusted gross margin.