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US STOCKS-Nasdaq futures fall over 1% on inflation worries

Published 05/11/2021, 06:34 PM
Updated 05/11/2021, 06:40 PM
© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Futures down: Dow 0.49%, S&P 0.75%, Nasdaq 1.27%

By Medha Singh
May 11 (Reuters) - Futures tracking the Nasdaq dropped more
than 1% on Tuesday, pointing to an another day of losses for
technology-related stocks with lofty valuations on worries over
inflation.
Shares of Apple AAPL.O , Facebook Inc FB.O , Amazon.com
Inc AMZN.O , Netflix Inc NFLX.O and Google-parent Alphabet
Inc GOOGL.O dropped between 1% and 2% in premarket trading,
while Tesla Inc TSLA.O fell nearly 4%.
The yield on benchmark U.S. 10-year Treasury note
US10YT=RR ticked up to 1.604% ahead of consumer price index
report on Wednesday, with investors fearing that a strong
reading could prompt the Federal Reserve to alter its ultra
loose monetary policy. US/
In a late session reversal on Monday, inflation jitters
drove investors away from growth stocks to cyclicals, which
benefit the most as the economy reopens, resulting in the S&P
500 logging its worst day in nearly eight weeks.
"It seems to be a combination of inflation fears making a
comeback and some market participants moving higher along the
value spectrum, cutting their exposure to anything with a
stretched valuation," said Marios Hadjikyriacos, investment
analyst at online broker XM in Cyprus.
At 6:16 a.m. ET, Dow e-minis 1YMcv1 were down 169 points,
or 0.49%, S&P 500 e-minis EScv1 were down 31.5 points, or
0.75%, and Nasdaq 100 e-minis NQcv1 were down 169.25 points,
or 1.27%.
Simon Property Group Inc SPG.N fell 3.6% after the U.S.
mall operator said it does not expect a return to 2019 occupancy
levels until next year or 2023, as it looks to play hardball in
rent negotiations with tenants.

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