Futures tracking the Nasdaq 100 index fell on Tuesday as a rise in U.S. bond yields hit tech-related stocks and investors bought into undervalued banks and industrial shares that stand to benefit from a re-opening economy.
Nasdaq 100 futures slipped 0.6per cent as Amazon.com, Apple Inc, Netflix Inc and Microsoft Corp dropped between 0.6per cent and 0.8per cent premarket, as U.S. 10-year Treasury yields hit a 14-month high.The tech-heavy Nasdaq, which houses some of the"high-flying" FAANG stocks, is set for its first monthly loss since November as rosy economic projections lifted demand for undervalued banks, energy, materials and industrial stocks.
The Nasdaq is still about 7per cent below its all-time closing high, while bets on a speedy economic recovery driven by vaccine distributions and unprecedented stimulus has helped the S&P 500 and the Dow notch record closing highs last week.
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