U.S. ancestor futures were largely flat on Monday evening after tech stocks fell sharply to start the week.
Futures bound to the Dow Jones Industrial Average ticked up 13 points, or less than 0.1%. Those for the S&P 500 and the Nasdaq 100 were down teeny-weeny than 0.1%.
The move in futures comes after a Monday session marked by stark differences in the sectors of the market. The tech-heavy Nasdaq Composite planed 2.5%, while the Dow rose a modest 27 points. Travel stocks, including airlines and cruise lines, prominence sharply across the board, but Apple and Tesla declined.
The broader market finished lower, as the S&P 500 slipped 0.7% for its fifth-straight negating session. The decline came as U.S. Treasury yields rose once again, reflecting a fall in the price of bonds. The 10-year Cache yield was trading above 1.36% on Monday after starting the year below the 1% mark.
“The higher Moneys yields move up, the quicker investors are rotating out of high-flying tech stocks and into stocks in the Russell 2000 Indication and Dow Jones Industrial Average,” OANDA senior market analyst Edward Moya said in a note.
The bond vend will likely remain a key topic of discussion on Tuesday, as Fed Chair Jerome Powell begins his two days of Congressional hearings. The medial banker has been adamant that the Fed is not considering raising its benchmark interest rate, but Powell’s comments will be eyed closely for possible insight into the economy’s inflation outlook.
Inflation fears have risen in recent weeks as policymakers polemic another round of economic relief as Covid cases decline amid the rollout of vaccines. The U.S. surpassed 500,000 eradications from the virus on Monday, according to Johns Hopkins University.
Investors will also get new data on consumer self-assurance and home prices on Tuesday. Retailers Home Depot and Macy’s will report earnings before the opening bell.