Nasdaq futures up 1% as tech stocks rebound

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  • Futures up: Dow 0.59%, S&P 0.74%, Nasdaq 1%
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Sep 29 (Businesshala) – Nasdaq futures jumped 1% on Wednesday as technology stocks led a rebound after concerns about inflation and rising Treasury yields pulled off one of Wall Street’s worst sales this year .

Shares of heavyweights Amazon.com Inc (AMZN.O), Facebook Inc (FB.O), Microsoft Corp (MSFT.O), Apple (AAPL.O) and Google-parent Alphabet Inc (GOOGL.O) are up 1% Soared and 1.3% in premarket trading.

Oil companies including Exxon Mobil (XOM.N) and Chevron Corp (CVX.N) are plunged as crude prices rally. The S&P Energy Sector (.SPNY) is up 3.9% so far this week and is on track for its best monthly performance since February.

The benchmark S&P 500 index (.SPX) is posting its biggest one-day percentage drop since May and the Nasdaq recorded its worst daily selloff since March.

The S&P 500 index is also set to break its seven-month winning streak as investor sentiment weakened sooner than expected for a China Evergrande default, potentially higher corporate taxes and monetary support by the Federal Reserve. Seasonality is 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.

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

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 (JPM.N) chief executive Jamie Dimon also warned that a US default would be a “potentially catastrophic” event.

Among stocks, Boeing Co (BA.N) rose 2.5% 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.

Reporting by Devik Jain in Bengaluru; Editing by Soumyadev Chakraborty

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