Stock futures are flat following tech sector sell-off
Traders in New York City work at the New York Stock Exchange (NYSE), on December 2, 2021.
Brendan McDermid | Reuters
U.S. stock options were unchanged Thursday night as investors digested the trading day that saw tech companies struggle and drag the rest of market with them.
Futures on Dow Jones Industrial Average were up 0.09%. S&P 500 futures rose 0.01% and Nasdaq 100 futures fell 0.05%.
Regular trading saw the tech-focused Nasdaq Composite fall 2.47% worst day since September. Others averages experienced smaller losses. The Dow fell 0.08%, while the S&P 500 lost 0.8%.
These moves erased Wednesday’s rally that occurred following the Fed’s announcement that its assets purchases would be less aggressive and it was looking to raise rates by 2022.
As investors continued to absorb the news as well the impacts of increasing inflation and the spreading of the omicron Covid variation, it appeared that they were shifting from high growth tech names to consumer staples.
The biggest gains were in bank stocks. Wells Fargo and Bank of America added over 2%. JPMorgan and Goldman Sachs rose by more than 1 percent. Verizon shares rose more than 4 percent as it was one of the Dow’s top performers.
After a decline in November, economists predicted that housing starts in November would be stronger than they actually were.
Winnebago and Darden Restaurants will report their quarterly earnings results on Friday before the bell.