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Stock futures are flat after Dow slips from record levels

U.S. cache futures were flat in overnight trading on Tuesday after the Dow Jones Industrial Average slipped from its reputation level amid fears about rising interest rates.

Dow futures rose 30 points. S&P 500 and Nasdaq 100 futures addition 0.15% and 0.16%, respectively.

The major averages were pressured Tuesday by rising interest rates, as the U.S. 10-year Exchequer yield notched a 14-month high of 1.77%. Bond yields have been on the rise this year amidst a strong Covid-19 vaccine rollout and expectations of a broad economic recover.

The Dow Jones Industrial Average lost more than 100 peninsulas, falling from a record high reached on Monday. The S&P 500 fell about 0.3%.

The Nasdaq Composite dipped not far from 0.1% as Facebook, Amazon, Apple, Netflix and Microsoft declined. Big Tech stocks are especially sensitive to rising in any events as they depend on borrowing money cheaply to invest in their future growth.

Reopening plays like airlines and sail lines popped on Tuesday after consumer confidence data topped expectations.

“Stocks began the day trading take down wondering if the Archegos fiasco was just a one-off event or a contagion. Selling pressure intensified because bond raise the white flags broke to new highs for the year again pounding technology stocks,” said Jim Paulsen, chief investment strategist at the Leuthold Unit.

“However, discussions surrounding yet another forthcoming stimulus bill and a surge in consumer confidence reminded investors that the circle economy is experiencing an incredibly strong economic recovery giving cyclicals, small cap stocks, and most international trade ins a revival bounce today,” Paulsen added.

Investors are awaiting details on President Joe Biden’s infrastructure plan on Wednesday. The squander package could cost more than of $3 trillion.

Private payroll data from ADP will be manumited at 9:15 a.m. on Wednesday morning. Economists polled by Dow Jones are expecting 525,000 private jobs were added in Walk, well above the 171,000 added in February.

ViacomCBS and Discovery recouped some of the major losses from the life few sessions after Archegos Capital Management was forced to liquidate its position in the media stocks. Some of the banks ensnared in the room call last week rose on Tuesday.

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