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US STOCKS-Nasdaq futures slide 2% on inflation jitters

Published 08/03/2021, 11:09
Updated 08/03/2021, 11:12
© Reuters.
MSFT
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GOOGL
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AAPL
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AMZN
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NFLX
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TSLA
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META
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VIX
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GOOG
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Futures down: Dow 0.28%, S&P 0.79%, Nasdaq 1.95%

March 8 (Reuters) - Futures tracking the Nasdaq index sank
2% on Monday as the passage of a $1.9 trillion COVID-19 relief
package by the U.S. Senate lifted bond yields, sparked inflation
concerns and pressured richly valued technology stocks.
Wall Street's main indexes had staged a late-session rally
on Friday as a much better-than-expected jobs report boosted
optimism around a faster economic rebound, but market sentiment
soured on Monday on fears that rising inflation would result in
a sudden tapering of monetary stimulus.
Inflation worries were also fueled by a jump in Brent crude
prices to above $70 per barrel, the highest since the COVID-19
pandemic began, following reports of attacks on Saudi Arabian
facilities. O/R
The Nasdaq has now fallen for three straight weeks, with the
yield-sensitive grouping of FAANG plus Tesla TSLA.O and
Microsoft MSFT.O stocks losing $760 billion in value since
Feb. 16.
At 4:51 a.m. ET, Nasdaq 100 e-minis NQcv1 were down 246.75
points, or 1.95%, Dow e-minis 1YMcv1 were down 89 points, or
0.28%, and S&P 500 e-minis EScv1 were down 30.5 points, or
0.79%.
Facebook Inc FB.O , Apple Inc AAPL.O , Amazon.com Inc
AMZN.O , Netflix Inc NFLX.O , Alphabet Inc GOOGL.O , Tesla
and Microsoft lost another 2% to 5% in early deals.
The yields on benchmark 10-year Treasuries US10YT=TWEB
stood near a 13-month high at 1.594%, while Wall Street's fear
gauge .VIX jumped nearly 3 points and was on course for its
biggest one-day rise this month.

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