Salem Radio Network News Thursday, August 18, 2022

Business

Nasdaq futures slump 2% as rising yields spark tech rout

(Reuters) – Futures tracking the tech-heavy Nasdaq 100 index slumped almost 2% on Tuesday as traders returned from a long holiday weekend to position for a more hawkish Federal Reserve ahead of a policy meeting next week.

Rate-sensitive technology stocks came under pressure in Europe and Asia as two-year Treasury yields, which track short-term rate expectations, crossed 1% for the first time since February 2020. [US/]

Frankfurt-listed shares of U.S. megacap tech companies including Google’s Alphabet, Apple, Meta, Amazon and Microsoft were last down between 1.9% and 2.5%. They were down by similar amount in early U.S. premarket trading.

At 04:48 a.m. ET (0948 GMT), Dow e-minis were down 292 points, or 0.82%, S&P 500 e-minis were down 57.25 points, or 1.23%, and Nasdaq 100 e-minis were down 292.5 points, or 1.88%.

(Reporting by Sruthi Shankar in Bengaluru and Danilo Masoni in Milan; Editing by Maju Samuel)

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