Tech

Stock futures flat after tech sector sell-off

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 2, 2021.

Brendan McDermid | Reuters

U.S. stock futures fell slightly on Thursday night as investors braced for a trading day in which tech names struggle and drag the rest of the market down with them.

Dow Jones Industrial Average futures rose 0.06%. S&P 500 futures fell 0.01% and Nasdaq 100 futures fell 0.05%.

In regular trading, the tech-focused Nasdaq Composite fell 2.47% vs worst day since september. Other averages have more modest losses. The Dow fell 0.08%, while the S&P 500 lost 0.8%.

The moves erased a rally in Wednesday’s trading session, after the Fed announced a more aggressive plan to ease its asset purchases and it was considering raising interest rates on year 2022.

As investors continue to read the news, as well as the impact of both rising inflation and the spread of the omicron Covid variant, they appear to be pivoting from high-profile tech names to commodities. mainstream of consumers.

“As the Federal Reserve becomes more hawkish and expectations of higher interest rates rise, investors are reducing their exposure,” said Jim Paulsen, chief investment strategist at The Leuthold Group. with growth stocks. “Typically, growth stocks have a higher shelf life than value stocks because their higher proportion of cash flows will be received in the more distant future.”

Banking stocks were among the biggest gainers of the day. Bank of America and Wells Fargo added more than 2%. Goldman Sachs and JPMorgan rose more than 1%. Shares of Verizon rose more than 4% as one of the top performers in the Dow.

The weekly jobless claims rate was slightly higher than expected on Thursday, and house prices starting in November rose more than economists expected after falling last month.

On Friday, Darden and Winnebago restaurants are expected to report quarterly earnings results before the bell.

https://www.cnbc.com/2021/12/16/stock-futures-inch-higher-following-tech-sector-sell-off-.html Stock futures flat after tech sector sell-off

Sarah Ridley

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