Futures tick higher as tech shares recover from selloff, cyclicals rise By Reuters
By Shreyashi Sanyal
(Reuters] – U.S. Equity Index Futures rose on Tuesday, as technology shares recovered after a sharp decline in the previous session. However, economy-sensitive cyclical stocks were more favorable than the closely-watched monthly payrolls data later that week.
Stocks with high growth include Apple Inc (NASDAQ :), Amazon.com Inc. (NASDAQ :), Microsoft Corp Premarket trading saw Alphabet (NASDAQ) and Alphabet rise between 0.3% to 0.7%
Facebook (NASDAQ) rose 1.5% following a hard day’s work. The company’s app and photo-sharing site Instagram had been down for several hours prior to being restored at night.
Technology stocks fell on Monday, as U.S. Treasury yields rose amid fears about an American government debt default. [US/]
The President Joe Biden stated that the federal government may breach its $28.4 Trillion debt limit, triggering a historical default. Republicans must vote with Democrats to increase it over the next two weeks.
Banks, as well as Cyclical stock prices held firm. Goldman Sachs Group Inc (NYSE -), Bank of America Corp(NYSE –) Morgan Stanley (NYSE:) Rising between 0.8% & 1%
3M Co, an industrial conglomerate, added 0.7% while the oil giant Chevron Corp (NYSE) saw 0.6% growth.
Investors look ahead to Friday’s September employment data. This could set the stage for the U.S. Federal Reserve’s Asset Purchase Program being tapered.
Recent data that showed an increase in consumer spending and accelerated manufacturing activity, as well as higher inflation, have increased bets about tightening monetary policy.
At 6:51 AM. ET were up 96 point, or 0.28%. They were also up 12 points (or 0.28%) and up 43.25 percent, or 0.3%.
Johnson & Johnson (NYSE:) edged 0.6% higher after submitting data to the U.S. Food and Drug Administration for emergency use authorization of a booster shot of its COVID-19 vaccine in people aged 18 years and older.
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