FINANCE

Induced sell-off at Nasdaq rate after most US stock futures flattened


U.S. stock futures were mostly flat on Tuesday night, as surplus stocks sank in bond yields after the Nasdaq fell on its worst day since March.

The Dow Jones Industrial Average futures rose 78 points, or 0.23%. The S&P 500 and Nasdaq 100 futures added 0.16% and 0.08%, respectively.

The semiconductor company Micron’s extended trading fell more than 4% when it reported earnings and revenue outlook for the first quarter of 2022 that lost the unanimous estimate.

In regular trading, the Nasdaq Composite fell 2.83% to 14,546.68 for its worst day since March. The S&P 500 fell 2.04% and the Dow Jones Industrial Average lost 569.38 points, or 1.63%.

The Dow and S&P are down 3% for September. Nasdaq is down more than 4.5%.

Stocks fell across all industries as Tuesday’s 10-year Treasury yield touched a high of 1.567%. Tech stocks with Facebook, Microsoft and Alphabet have reduced the larger market by losing more than%. Amazon has fallen more than 2%. Growing bonds, including rising bond yield technology stocks, hit stocks as they reduce the relative value of future earnings. Technology-heavy Nasdaq has hit its 10th down day in the last 15 sessions.

Brian Price, head of investment management at Commonwealth Financial Networks, said: “Some might believe that sentiment has become too vague, with opponents believing that the market is creating a tug-of-war.” So we wouldn’t be surprised to see the market resume as we move into the fourth quarter. “

The ceiling debate in Washington also depends on equities, as well as supply chain issues and concerns about rising consumer prices. Federal Reserve Chairman Jerome Powell told the Senate Banking Committee on Tuesday that inflation could be longer than expected due to supply chain issues and renewed pressure.

Charlie Ripley, a senior investment strategist at Allianz Investment Management, said: “Today’s interest rate hike is a reminder that the Fed is urgently removing emergency stimulus measures.” Again we have to learn how to stand on our own. However, we should be reminded that the Fed is less likely to move forward. If they don’t think the economy is ready.

Pending home sales data is due to expire on Wednesday.



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