Connect with us

Hi, what are you looking for?

Stock

S&P 500, Nasdaq set for higher open on tech boost, Tesla gains

Economy57 minutes ago (Mar 22, 2021 09:15AM ET)

(C) Reuters. People are seen on Wall St. outside the NYSE in New York

By Medha Singh and Devik Jain

(Reuters) – The S&P 500 and the Nasdaq were headed for a higher opening on Monday as technology stocks looked set to rebound from a recent pullback that was sparked by a surge in bond yields.

Heavyweight Tesla (NASDAQ:TSLA) Inc rose about 3% to $676 in pre-market trading as Cathie Wood’s Ark Invest said it expects electric-car maker’s share price to hit $3,000 by 2025. The $26.6 billion ARK Innovation ETF counts Tesla as its largest holding.

A sharp run-up in Treasury yields since mid-February has dictated the course of equities trading, weighing on high-flying tech stocks.

“Tech will get a bid if yields moderate and that’ll probably be the theme for the next couple of months,” said Thomas Hayes, chairman at Great Hill Capital in New York.

Futures tied to the tech-heavy Nasdaq 100 climbed about 0.9% to start the week as the benchmark 10-year Treasury yield dipped to 1.688% from a near fourteen-month high. The index is still down more than 6% from its Feb. 12 record close.

The S&P 500 and the Dow, 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 (NYSE:KSU) jumped about 17% after Canadian Pacific (NYSE:CP) Railway Ltd 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 08:26 a.m. ET, Dow E-minis were down 19 points, or 0.06%, S&P 500 E-minis were up 7.25 points, or 0.19% and Nasdaq 100 E-minis were up 88.25 points, or 0.69%.

Intel Corp (NASDAQ:INTC), Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL) led gains among Dow components in trading before the bell.

Big U.S. lenders including Goldman Sachs (NYSE:GS), Citigroup (NYSE:C) and Bank of America (NYSE:BAC), which have enjoyed a rally on brightening economic prospects, slipped about 1% each.

The iShares MSCI Turkey ETF sank about 18% as President Tayyip Erdogan’s decision to oust a hawkish central bank governor sparked fears of a reversal of recent rate hikes.

S&P 500, Nasdaq set for higher open on tech boost, Tesla gains

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved