US pre-open: Futures lower as tech sell off continues
By Iain Gilbert
Date: Monday 13 Jan 2025
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday amid an ongoing sell-off in big-name tech shares.
As of 1300 GMT, Dow Jones futures were down 0.32%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.88% and 1.30% weaker, respectively.
The Dow closed 696.75 points lower on Friday as investors continued to lower their stakes in key tech stocks that have led the recent bull market.
The likes of Palantir, Nvidia, Tesla, Broadcom and Micron were all lower in pre-market trading, extending losses recorded last week, with surging bond yields weighing on demand for growth-oriented shares.
Ahead of the bell, the yield on the benchmark 10-year Treasury note was up a little over one basis point at 4.781%, while its two-year counterpart was almost three basis points higher at 4.415% after a better-than-expected jobs report on Friday cast doubt on further interest rate cuts by the Federal Reserve.
On the macro front, December consumer inflation expectations data will be released at 1600 GMT, while the Federal Government's monthly budget statement will be published at 1900 GMT.
Later in the week, all-important producer and consumer price index reports will be released on Tuesday and Wednesday, respectively, while Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America will all report Q4 earnings before the week is out.
Reporting by Iain Gilbert at Sharecast.com
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