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* Futures: Nasdaq down 0.34%, Dow up 0.06%, S&P off 0.08%
By Shreyashi Sanyal
May 4 (Reuters) - U.S. stock index futures dipped on Tuesday
as investors continued to move out of megacap growth stocks and
into companies that are expected to benefit more from the
reopening of economies.
Highly valued technology companies including Microsoft Corp
MSFT.O , Alphabet Inc GOOGL.O , Apple Inc AAPL.O , Amazon.com
Inc AMZN.O and Facebook Inc FB.O fell between 0.2% and 0.5%
in premarket trading.
Big U.S. banks such as Goldman Sachs Group Inc GS.N and
Wells Fargo & Co WFC.N added 0.7% and 0.4%, respectively,
while planemaker Boeing Co BA.N and oil major Chevron Corp
CVX.N gained 0.8% each.
Copious stimulus measures, speedy vaccination drives and the
Federal Reserve's accommodative policy stance have spurred a
strong rebound in the U.S. economy and pushed Wall Street to
record highs this year. The so-called "pandemic winners",
however, have recently started to fall out of favor.
"While megacap tech companies have been a core part of the
solid performance of portfolios throughout the pandemic, we
think investors should be careful to avoid overallocation to
this part of the market," Mark Haefele, chief investment officer
at UBS Global Wealth Management, wrote in a client note.
"In an environment of accelerating growth, we continue to
prefer cyclical and value sectors such as financials and
energy."
At 6:36 a.m. ET, Dow e-minis 1YMcv1 were up 22 points, or
0.06%, S&P 500 e-minis EScv1 were down 3.25 points, or 0.08%,
and Nasdaq 100 e-minis NQcv1 were down 47 points, or 0.34%.
Among other stocks, Dupont de Nemours Inc DD.N rose 0.9%
after the industrial materials maker raised its full-year profit
and revenue forecasts and beat first-quarter expectations.
First-quarter earnings have been largely upbeat. Average
profits at S&P 500 companies are expected to have risen 46% in
the quarter, compared with forecasts of a 24% growth at the
start of April, according to IBES data from Refinitiv.
Investors also awaited important data points through the
week, including the Labor Department's non-farm payrolls data,
slated to be released on Friday. The report is expected to show
a rise in job additions in April.