US STOCKS-Nasdaq futures slump 2% as rising yields spark tech rout

Futures tracking the tech-heavy Nasdaq 100 index slumped almost 2% on Tuesday as traders returned from a long holiday weekend to position for a more hawkish Federal Reserve ahead of a policy meeting next week. They were down by similar amount in early U.S. premarket trading.


Reuters | Washington DC | Updated: 18-01-2022 15:46 IST | Created: 18-01-2022 15:32 IST
US STOCKS-Nasdaq futures slump 2% as rising yields spark tech rout
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Futures tracking the tech-heavy Nasdaq 100 index slumped almost 2% on Tuesday as traders returned from a long holiday weekend to position for a more hawkish Federal Reserve ahead of a policy meeting next week. Rate-sensitive technology stocks came under pressure in Europe and Asia as two-year Treasury yields, which track short-term rate expectations, crossed 1% for the first time since February 2020.

Frankfurt-listed shares of U.S. mega-cap tech companies including Google's Alphabet, Apple, Meta, Amazon, and Microsoft were last down between 1.9% and 2.5%. They were down by a similar amount in early U.S. premarket trading. At 04:48 a.m. ET (0948 GMT), Dow e-minis were down 292 points, or 0.82%, S&P 500 e-minis were down 57.25 points, or 1.23%, and Nasdaq 100 e-minis were down 292.5 points, or 1.88%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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