FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo
Feb 24 (Reuters) – Futures tracking the tech-heavy Nasdaq were muted on Wednesday after sliding for six straight sessions as investors swapped growth-oriented technology shares with stocks that stand to gain the most from an economic rebound.
Shares of Microsoft Corp (MSFT.O), Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O) slipped between 0.1% and 0.5% in trading before the bell on high valuation concerns.
Tesla Inc (TSLA.O), however, gained 3% after star investor Cathie Wood’s Ark Invest funds added a further $171 million worth of the company’s shares in the wake of a sharp fall in the electric carmaker’s stock. read more
Growth-sensitive banks, industrial and energy stocks edged higher with Bank of America (BAC.N), Caterpillar Inc (CAT.N) and Chevron Corp (CVX.N) up between 0.4% and 0.6%.
The S&P 500 and Dow closed higher on Tuesday, staging a late session turnaround, while the Nasdaq slipped in a tug-of-war between stocks that thrived amid lockdowns and those that stand to benefit most from a reopening economy.
At 06:46 a.m. ET, Dow E-minis were up 9 points, or 0.03% and S&P 500 E-minis were up 1 points, or 0.03%. Nasdaq 100 E-minis were down 24.75 points, or 0.19%.
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Source: https://www.reuters.com/business/us-stocks-nasdaq-futures-subdued-tech-sell-off-deepens-2021-02-24/
