Nasdaq futures fall 2% on inflationary nerves

(Reuters) – Futures following the Nasdaq 100 index sank 2% on Monday as the passage of a $ 1.9 trillion COVID-19 relief package by the US Senate raised the bond yields, putting pressure on highly valued technology stocks and causing inflation concerns.

On Saturday, the Senate approved the stimulus package – one of the largest in U.S. history – and President Joe Biden said he hoped the House of Representatives would quickly pass the revised bill so he could sign it. send $ 1,400 direct to Americans.

Technology-related stocks, including Facebook Inc., Apple Inc. and Amazon.com Inc., fell between 1.3% and 3% after bearing the weight of sales in the past three weeks due to fears of type d higher interest rates as a reference to 10 years Treasury yields rose one-year highs.

Tesla Inc., which rose to $ 900 a year since the coronavirus crash in early 2020, lost another 3.4 percent after closing Friday at $ 597.95.

“Technology stocks are far from having completely corrected (then) the sharp rise, as is the case with Tesla, … as higher long-term interest rates compete with the dividend that these shares sometimes pay said Sebastien Galy, senior market strategist at Nordea Asset Management.

Expectations of more fiscal stimulus and signs of faster economic growth following the rapid introduction of the vaccine had raised Wall Street’s major indexes to all-time highs last month, but investors have dropped equities. concerned that rising inflation would lead to a sudden decline in monetary stimulus. [MKTS/GLOB]

At 6:10 am ET, Dow e-minis were down 21 points, or 0.07%, S&P 500 e-minis were down 20.25 points, or 0.53%, and Nasdaq e-minis were down 100 were down 185.5 points, or 1.46%.

Banks were one of the few winners in the pre-market trading, as the performance of the benchmark Treasuries at ten years was close to the 13-month high, while the Wall Street Fear Meter jumped nearly 3 points and was on the rise for the biggest one-day rise this month. [US/]