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US STOCKS-Futures point to gains for tech-related stocks as bond yields ease

Published 22/03/2021, 12:16
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
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* Futures: Dow down 0.24%, S&P up 0.04%, Nasdaq rises 0.83%

By Medha Singh
March 22 (Reuters) - Futures tracking the S&P 500 and the
Nasdaq rose on Monday, with heavyweight technology stocks set to
rebound after a surge in bond yields in recent weeks sparked a
flight from richly valued equities.
A sharp run up in Treasury yields since mid-February has
dictated the course of equities trading, while weighing on
high-growth tech stocks, whose valuations look stretched.
Futures tied to the tech-heavy Nasdaq 100 climbed about 0.9%
to start the week. The index .NDX is still down more than 6%
from its Feb. 12 record closing high.
The S&P 500 .SPX and the Dow .DJI , however, clinched
all-time highs as early as last week on bets that stimulus and
vaccine rollouts would lead to a strong rebound in the U.S.
economy.
Kansas City Southern KSU.N jumped about 17% after Canadian
Pacific Railway Ltd CP.TO agreed to acquire the railroad
operator in a $25 billion cash-and-stock deal to create the
first railway spanning the United States, Mexico and Canada.
At 06:34 a.m. ET, Dow E-minis 1YMcv1 were down 79 points,
or 0.24%, S&P 500 E-minis EScv1 were up 1.75 points, or 0.04%
and Nasdaq 100 E-minis NQcv1 were up 106.75 points, or 0.83%.
Intel Corp INTC.O , Microsoft Corp MSFT.O and Apple Inc
AAPL.O led gains among Dow components in trading before the
bell.
Big U.S. lenders including Goldman Sachs GS.N , Citigroup
C.N and Bank of America BAC.N , which have enjoyed a rally on
brightening economic prospects, slipped about 1% each.
The iShares MSCI Turkey ETF TUR.O sank about 19% as
President Tayyip Erdogan's decision to oust a hawkish central
bank governor sparked fears of a reversal of recent rate hikes.

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