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Stock futures fall after S&P 500 notches best day since June

Followings contracts tied to the major U.S. stock indexes traded flat extended trading Monday evening after the S&P 500 rallied profuse than 2% during regular trading hours for its best day since June.

Dow futures shed 10 headlands while contracts tied to the S&P 500 drifted just above the flatline. Nasdaq 100 futures added 0.1%.

U.S. fair plays began March on a strong note on Monday with the S&P 500 up 2.38%, the Dow Jones Industrial Average adding 1.95% and the tech-heavy Nasdaq Composite vault just over 3% after shedding 4.9% last week.

All 11 S&P sectors finished in the green and the S&P 500 posted its best clothes day since June 5. Both the Dow and the Nasdaq clinched their best trading day since November.

Economically tender, cyclical sectors like energy and financials continued to outperform the broader market amid optimism about vaccines and profitable resurgence. Meanwhile, a pause in the market for U.S. debt allowed high-growth tech names to recoup a sizable portion of their late-model losses.

Facebook added 2.8%, Apple rose 5.39% and Tesla climbed 6.36%.

The 10-year U.S. Treasury note relent, which had kept investors on edge for much of last week, dipped to a session low of 1.41% Monday before tendency back near the flatline. The 10-year yield stabilized around that level, below its high of 1.6% wear week, which encouraged investors last week’s rapid rise in borrowing costs has abated for now.

“Anxiety outstanding yields appeared largely responsible for a 3% retreat in the S&P 500 from a record high in the middle of” February, Characterize Haefele, chief investment officer at UBS Global Wealth Management, said in a note published Monday.

“We expect this hiatus to the equity rally to be temporary and believe investors should put the pullback in context,” he added. “The rise in yields has been led by optimism over and beyond growth, not
inflation worries, and so doesn’t yet pose a threat to risk assets.”

Investors on Tuesday will pore closed comments made by both Securities and Exchange Commission Chair nominee Gary Gensler and Federal Reserve Governor Lael Brainard.

Gensler wish testify before the Senate Banking Committee at 10 a.m. ET while Brainard will deliver a speech entitled “U.S. Productive Outlook and Monetary Policy” via a virtual meeting hosted by the Council on Foreign Relations.

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