Futures Rise as COVID-19-Sensitive Sectors Recoveron November 22, 2021 at 1:20 pm

U.S. stock index futures rose on Monday as energy and bank stocks recovered slightly from last week’s losses, although anticipation of several economic readings this week kept gains in check. Nasdaq futures hit a record high as demand for technology stocks remained strong. Heavyweights, including most FAANG majors, rose in premarket trade. Tech had largely outperformed other sectors last week, helping the Nasdaq to close over the 16,000 level for the first time as concerns over rising COVID-19 cases in Europe drove up safe-haven demand. Bank stocks were set to recover from steep losses last week, when safe-haven demand sent Treasury yields down sharply. Yields were steady on Monday. Travel and energy stocks, which were among the worst performers last week, also marked small gains before the open. Still, gains in most sectors were constrained as investors awaited a slew of economic readings this week, including IHS business activity readings, …


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