Monday, October 18, 2021

Nasdaq Futures Up 1 Percent As Tech Stocks Rebound

Nasdaq futures jumped 1 percent on Wednesday as technology stocks led a rebound after concerns about inflation and rising Treasury yields kicked off one of Wall Street’s worst sales this year.

Heavyweights Amazon.com Inc., Facebook Inc., Microsoft Corp., Apple and Google-parent Alphabet Inc. K shares rose between 1 per cent to 1.3 per cent in premarket trading.

Oil companies including Exxon Mobil and Chevron Corp are plunged as crude prices rally as a result. The S&P energy sector is up 3.9 percent so far this week and is on track for its best monthly performance since February.

US stocks fell sharply on Tuesday, with the benchmark S&P 500 index posting its biggest one-day percentage drop since May and the Nasdaq posting its worst daily selloff since March.

The S&P 500 index is also set to break its seven-month winning streak as fears about China Evergrande’s default, potentially higher corporate taxes, and monetary support by the Federal Reserve are expected to spur more-acquired investors. The sentiment is usually affected seasonally. Weak month.

The Fed signaled last week that it could tighten its monetary policy in the coming months amid signs of a choppy recovery in the world’s largest economy, leading to a drop in bond yields affecting interest rate-sensitive tech stocks. Rally can be triggered.

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At 6:34 a.m. ET, the Dow e-minis were up 203 points, or 0.59 percent, the S&P 500 e-minis were up 32 points, or 0.74 percent, and the Nasdaq 100 e-minis were up 147.25 points, or 1 percent.

Meanwhile, US Senate Republicans blocked President Joe Biden’s bid by Democrats to halt a potentially crippling US credit default for the second day in a row, as partisan tensions dented an economy reeling from the COVID-19 pandemic. .

JPMorgan Chase & Co., chief executive Jamie Dimon, also warned that a US default would be a “potentially catastrophic” event.

Shares, Boeing Co, rose 2.5 percent last month after a successful 737 MAX test flight for China’s aviation regulator and the planner expects the two-year grounding to be lifted this year.

by Devik Jain

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This News Originally From – The Epoch Times

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