US Stocks: Nasdaq futures up 1% as tech stocks rebound

By: |
September 29, 2021 4:58 PM

Shares of heavyweights Amazon.com Inc, Facebook Inc, Microsoft Corp, Apple and Google-parent Alphabet Inc rose between 1% and 1.3% in premarket trading.

US StocksJPMorgan Chase & Co Chief Executive Jamie Dimon also cautioned a U.S. default would be "potentially catastrophic" event. (File)

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

Shares of heavyweights Amazon.com Inc, Facebook Inc, Microsoft Corp, Apple and Google-parent Alphabet Inc rose between 1% and 1.3% in premarket trading.

Oil firms including Exxon Mobil and Chevron Corp dipped as a rally in crude prices petered out. The S&P energy sector has gained 3.9% so far this week and is on track for its best monthly performance since February.

U.S. stocks ended sharply lower on Tuesday in a broad sell-off, with the benchmark S&P 500 index logging 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, potential higher corporate taxes and a sooner-than expected tapering of monetary support by the Federal Reserve clouded investor sentiment in what is usually a seasonally weak month.

The Fed last week signaled it could tighten its monetary policy in the months ahead amid signs of a choppy recovery in the world’s largest economy, triggering a rally in bond yields that hit interest rate-sensitive tech stocks.

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

Meanwhile, U.S. Senate Republicans for a second day in a row blocked a bid by President Joe Biden’s Democrats to head off a potentially crippling U.S. credit default, as partisan tensions rattled an economy recovering from the COVID-19 pandemic.

JPMorgan Chase & Co Chief Executive Jamie Dimon also cautioned a U.S. default would be “potentially catastrophic” event.

Among stocks, Boeing Co rose 2.5% after it said 737 MAX test flight for China’s aviation regulator last month was successful and the planemaker hopes a two-year grounding will be lifted this year.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Social stock exchanges in India: Can they help lift the underserved?
2Petrol, diesel price hiked again; diesel nears Rs 100-mark in Goa, Bengaluru
3Cement – Q2FY22 preview: Quarter results are likely to be subdued