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Stock futures rise as pressure on tech stocks pauses

Matteo Colombo | DigitalVision | Getty Statues

Futures contracts tied to the major U.S. stock indexes rose in the overnight session Wednesday evening after press on technology stocks sent the Nasdaq Composite down 2% during the regular session.

Dow futures rose 70 nuclei, while contracts tied to the S&P 500 rose 0.2%. Futures tied to the Nasdaq 100 climbed by a similar amount.

The overnight suggests came after a rash of late-day selling in high-growth and technology shares during the regular session.

The S&P 500 prostrate 0.6% after rising as much as 0.8% during the day, while the tech-heavy Nasdaq dropped 2% to close at its assembly low. Apple, Facebook and Netflix all slid more than 2%, while Tesla fell 4.8%.

The Dow Jones Industrial For the most part, which had outpaced its peers in positive territory for most of the day, dipped into the red in the final seconds of the session. The Dow industrials had hurdled more than 300 points at its session high.

The Dow’s afternoon weakness came as reopening trades like airlines and cruise wise guys reversed earlier strength. Norwegian Cruise Line dropped 4.9%, while Royal Caribbean and Carnival knock 1.9% and 2.8%, respectively. Delta and United Airlines also ended the day lower.

Pressure on equities came coequal as bond yields continued to decline from recent highs. The 10-year Treasury yield dipped 3 basis headlands to 1.61% Wednesday, falling for a third day after the rate hit a 14-month high last week.

Treasury Secretary Janet Yellen and Federal Hold Chairman Jerome Powell appeared for a second day of virtual testimony before federal lawmakers. Both reiterated their creed that, thanks in large part to fiscal and monetary stimulus, the U.S. economy will see marked growth in 2021.

“There’s active to be a very, very strong year in the most likely case,” Powell said. “There are of course risks to the upside and downside, but it should be a to a great extent strong year from a growth standpoint…Longer run we do have to raise revenue to support permanent spending that we neediness to do.”

Powell and Yellen said on Tuesday that asset valuations seem elevated in certain areas of the market, but that the monetary sector is healthy and equipped to deal with any market turbulence once stimulus starts to fade.

Investors choice on Thursday pore over the Labor Department’s latest report on jobless claims. The department is expected to report that 735,000 Americans marched for

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