Monday, December 6, 2021

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    Equity futures flat after tech stock routs

    The trader is working on the floor of the New York Stock Exchange (NYSE) in New York City on October 15, 2021.

    Spencer Platt | Getty Images

    US equity futures were stable on Monday after overnight trading, after the Nasdaq Composite index fell by more than 1%, spurring higher bond yields.

    Dow futures rose 35 points. S & P 500 futures rose 0.1% and Nasdaq 100 futures rose 0.1%.

    The S & P 500 and Nasdaq Composite Index fell on Monday. This is because the market growth pocket has responded to the surge in bond yields. US 10-year Treasury yields rose 9 basis points to over 1.62% on Monday.

    The stock initially responded positively to the next announcement. Federal Reserve Chairman Jerome Powell appointed President Joe Biden’s second four-year term drives expectations that the central bank will remain on its financial path while the economy recovers from the pandemic and attempts to combat inflation. However, the market reversed the course towards the end of the session and yields continued to rise.

    on MondayThe Dow Jones Industrial Average rose 17 points after rising more than 300 points at some point in the session. The S & P 500 fell 0.32% after hitting a daytime high in regular trading. The Nasdaq Composite fell 1.26%, despite setting daytime records early in the session.

    “The announcement that the current chairman, Powell, will be reappointed by President Biden has added to the bullishness,” said Jim Paulsen, chief investment strategist at Loithold Group. “In recent weeks, there has been growing fear that Lael Brainard may be chosen over Powell, and she has been perceived as a much larger monetary pigeon that has heightened inflation concerns.”

    Trading may be delayed as it is Thanksgiving week and the FRB’s main decision is behind the market, but investors will monitor some economic data released on Tuesday, including Philadelphia. increase. Additional data released later in the week include weekly unemployment claims, GDP updates, personal income, and consumer confidence readings.

    Ryan Detrick, Chief Financial Strategist at LPL Financial, said: “Nevertheless, Wednesday will bring the Fed’s latest minutes and Fed’s favorite inflation index to the PCE, so you’ll be able to think about something before you go out and eat a lot of turkey.”

    Earnings season continues on Tuesday American Eagle, Best buy When Abercrombie & Fitch In front of the bell. Dell Technologies, gap, HP When Nordstrom After the bell on Tuesday, we will report quarterly earnings.

    Investors are also juggling concerns about the coronavirus abroad. German Chancellor Angela Merkel warned that the country is seeing a surge in the virus.

    “Although the number of cases of Covid is increasing around the world, there is not much evidence that the US economy is closing again as it did in the past,” Paulsen added. “For example, Thanksgiving vacation travel forecasts are the most powerful before the pandemic.”

    The US market will be closed on Thursday due to Thanksgiving holidays. The stock market closes early on Friday at 1:00 pm EST.

    Equity futures flat after tech stock routs

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    The post Equity futures flat after tech stock routs appeared first on Eminetra.

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