Futures Dip as Rising Yields Dent Tech Shares-US News | The Epoch Times

U.S. stock index futures fell on Tuesday as rising Treasury yields weighed on major technology stocks, while bank shares extended gains as investors priced in an early policy tightening by the Federal Reserve. Bank stocks rose in premarket trade, tracking gains in yields after Jerome Powell’s reappointment as Fed Chair raised market expectations for an interest rate hike by as soon as June 2022. Wall Street’s biggest lenders rose between 0.2 percent and 0.8 percent, with Citigroup Inc. leading gains. Rising yields continued to weigh on technology stocks, with majors including Meta Platforms, Microsoft Corp., and Apple Inc. down between 0.3 percent and 0.5 percent. Large tech shares are sensitive to yields as investors discount future earnings against returns on debt. The Nasdaq and the S&P 500 had slipped from record highs on Monday, as Powell’s nomination prompted a volatile session. Concerns over rising inflation also remained at the forefront, …

Reuters

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