Stock Groups

Futures subdued as tech stocks extend fall; Fed minutes awaited -Breaking


© Reuters. FILE PHOTO – The Wall St. sign can be seen at the New York Stock Exchange, New York (NYSE), December 17, 2019, U.S.A. REUTERS/Brendan McDermid

By Devik Jain

(Reuters] – U.S. stocks index futures were quiet Wednesday morning ahead of minutes at the Federal Reserve’s December meeting. Big technology stocks fell as declined following a broker downgrade.

Market participants shifted to economically sensitive technology shares, such as financials, industrials and energy. The Nasdaq Indexes were also lower on Tuesday. Inc. (NYSE:), fell 2.3% in premarket after UBS reduced its rating of the stock to “neutral”, from “buy”.

Shares of oil companies and major Wall Street lenders continued their march higher, with Marathon Petroleum Corp (NYSE:) and JPMorgan Chase & Co (NYSE:) leading the packs.

Google’s Alphabet (NASDAQ) Inc. are tech giants on the contrary. Microsoft Corp (NASDAQ :), Meta Platforms and Advanced Micro Devices(NASDAQ 🙂 Inc., Tesla (NASDAQ 🙂 Inc., and Nvidia [NASDAQ :] Corp declined between 0.2% to 1.3%

The recent surge in U.S. Treasury yields put pressure on interest-rate sensitive shares of growth. It was caused by rising anxiety towards Fed hikes to control inflation. [US/]

Last month, the U.S. central banking announced that it will end pandemic-era bond purchases in 2022. This signals at least three rate increases for this year. The minutes of the meeting will be available at 1400 ET/1900 GMT.

As the Fed prepares to stop QE purchases and increase rates, “the rising yields” will be a main story in the coming months. And the Fed minutes should give some light on the Fed’s plans,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

At 6:42 AM. ET were up 2 point, or 0.1%. They were also down 3.75 points (0.08%) and down 63.25 percent, or 33.99%.

The data side of things: December readings for ADP National Employment report (and Markit composite final PMI) are due to be published later in the day.

Peloton Interactive (NASDAQ) fell 1.6% following J.P. Morgan’s price cut on its stock. This was in anticipation of lower demand.

U.S.-listed stocks Alibaba Bilibili (NASDAQ) Inc fell 1.1% and 4.2% as China’s top regulator penalized the units of companies for failing to report on a dozen deals.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.