Nasdaq futures slump 2% as rising yields spark tech rout

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FUTURES monitoring the tech-heavy Nasdaq 100 index slumped virtually 2% on Tuesday as merchants returned from an extended vacation weekend to place for a extra hawkish Federal Reserve forward of a coverage assembly subsequent week.

Rate-sensitive expertise shares got here beneath strain in Europe and Asia as two-year Treasury yields, which observe short-term fee expectations, crossed 1% for the primary time since February 2020.

Frankfurt-listed shares of U.S. megacap tech corporations together with Google’s Alphabet, Apple, Meta , Amazon and Microsoft have been final down between 1.9% and a couple of.5%. They have been down by related quantity in early U.S. premarket buying and selling.

At 04:48 a.m. ET (0948 GMT), Dow e-minis have been down 292 factors, or 0.82%, S&P 500 e-minis have been down 57.25 factors, or 1.23%, and Nasdaq 100 e-minis have been down 292.5 factors, or 1.88%. – Reuters



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