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US STOCKS-Futures bounce after tech rout sends Nasdaq into correction

Published 09/09/2020, 10:53
Updated 09/09/2020, 10:54
© Reuters.
AMZN
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AZN
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NFLX
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TSLA
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IXIC
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META
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LULU
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VIX
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9984
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* Futures up: Nasdaq 1.77%, Dow 0.51%, S&P 0.77%

Sept 9 (Reuters) - Nasdaq futures bounced on Wednesday
following a brutal sell-off in heavyweight technology stocks
that sent the Nasdaq Composite index into correction territory
in just three sessions.
The tech-heavy stock index .IXIC tumbled 4.1% on Tuesday,
bringing total losses since Sept. 2 to 10%, with declines led by
stocks such as Amazon.com Inc AMZN.O , Facebook Inc FB.O and
Netflix Inc NFLX.O after a rally dominated by the so-called
"stay-at-home" winners.
Investors were also unnerved by heavy trades in tech stock
call options by SoftBank Group Corp 9984.T during the run up
in U.S. equities. A measure of demand for protective put options
in relation to call options, used to bet on upside, has risen
sharply. Tesla Inc TSLA.O surged 7% in premarket trading after
shedding about $80 billion of its market capitalization in the
previous session following its surprise exclusion from the S&P
500. At 5:37 a.m. ET, Nasdaq 100 e-minis NQcv1 were up 196
points, or 1.77%, Dow e-minis 1YMcv1 were up 140 points, or
0.51%, and S&P 500 e-minis EScv1 were up 25.75 points, or
0.77%.
Wall Street's fear gauge .VIX slipped further away from
near three-month highs as stock markets also shrugged off news
about AstraZeneca AZN.L pausing global trials of its
experimental COVID-19 vaccine after an unexplained illness in a
participant. Lululemon Athletica Inc LULU.O dropped 4.9% after the
yogawear maker forecast a drop in current-quarter adjusted
profit due to higher marketing expenses.

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