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InvestmentsNasdaq futures at record high as economic concerns drive tech demand By...

Nasdaq futures at record high as economic concerns drive tech demand By Reuters

© Reuters. FILE PHOTO: The Nasdaq emblem is displayed at the Nasdaq Market website in New York September 2, 2015. REUTERS/Brendan McDermid/File Photo

By Ambar Warrick and Devik Jain

(Reuters) – hit a record high on Friday as buyers sought economically steady sectors after a small delay in voting on President Joe Biden’s $1.75 trillion spending invoice, whereas rising COVID-19 instances in Europe additionally dented sentiment.

S&P and fell monitoring losses in banks, airways, and different economically delicate sectors. Uncertainty over rising inflation and the Federal Reserve’s tightening additionally stored demand for worth shares low.

The U.S. House of Representatives early on Friday delayed an anticipated vote on passage of Biden’s social applications and local weather change funding invoice, and can as an alternative reconvene at 8 a.m. EST (1300 GMT) to finish the laws.

In Europe, rising COVID-19 instances noticed Austria define plans for a full lockdown, whereas Germany might observe swimsuit amid a brand new wave of infections.

Shares of Alphabet (NASDAQ:) Inc, Amazon.com (NASDAQ:) and Microsoft Corp (NASDAQ:) – shares which have largely persevered by way of economic shocks since 2020, rose between 0.3% and 0.5% in premarket commerce.

Chipmaker Nvidia (NASDAQ:) additionally boosted Nasdaq futures, rising 1.7% in heavy commerce after posting sturdy quarterly outcomes late Wednesday.

On the opposite hand, carriers Delta Air Lines (NYSE:), United Airlines and American Airlines (NASDAQ:), and cruiseliners Norwegian Cruise Line (NYSE:) and Carnival (NYSE:) Corp fell between 1.4% and a couple of.3%.

Oil companies Exxon Mobil (NYSE:) and Chevron Corp (NYSE:) slipped 2.1% and 1.8% as crude costs sank, whereas massive banks together with JPMorgan Chase & Co (NYSE:) and Bank of America (NYSE:) had been down between 0.9% and 1.1%, monitoring a fall in U.S. Treasury yields. [O/R][US/]

At 6:26 a.m. ET, Dow e-minis had been down 145 factors, or 0.4%. had been down 5.75 factors, or 0.12% and Nasdaq 100 e-minis had been up 68 factors, or 0.41%.

The and the Nasdaq eked out record highs on Thursday following sturdy know-how and retail earnings. Both indexes had been headed for delicate weekly positive factors, whereas the Dow Jones was set for a second straight week of losses.

Among main premarket movers, Intuit Inc (NASDAQ:) jumped 10.3% as brokerages raised their worth targets on the revenue tax software program firm after it beat quarterly estimates and raised forecast. The inventory was the highest S&P 500 gainer in premarket commerce.

Applied Materials Inc (NASDAQ:) dropped 5.7% after the chipmaker forecast first-quarter gross sales and revenue under market estimates on provide chain woes.

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