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World NewsStock futures inch higher following tech sector sell-off

Stock futures inch higher following tech sector sell-off

Traders work on the ground of the New York Stock Exchange (NYSE) in New York City, U.S., December 2, 2021.

Brendan McDermid | Reuters

U.S. inventory futures have been barely higher Thursday night after a day through which tech names struggled, dragging the remainder of the market down with them.

Futures on the Dow Jones Industrial Average rose 0.09%. S&P 500 futures rose 0.08% and Nasdaq 100 futures have been flat.

In common buying and selling, the tech-focused Nasdaq Composite fell 2.47% for its worst day since September. The different averages noticed extra modest losses. The Dow fell 0.08%, whereas the S&P 500 misplaced 0.8%.

The strikes erased a rally in Wednesday’s session that adopted the Fed’s announcement of a extra aggressive plan to wind down its asset purchases, and that it’s hike charges in 2022.

As buyers continued to digest the information, in addition to the influence of each rising inflation and the unfold of the omicron Covid variant, they gave the impression to be rotating from high-growth tech names to client staples.

Bank shares have been among the many greatest gainers of the day. Bank of America and Wells Fargo added greater than 2%. Goldman Sachs and JPMorgan rose greater than 1%. Shares of Verizon jumped greater than 4% as one of many prime performers within the Dow.

Weekly jobless claims got here in barely higher than anticipated Thursday, and housing begins for November have been stronger than economists projected after declining within the prior month.

On Friday, Darden Restaurants and Winnebago are scheduled to report quarterly earnings outcomes earlier than the bell.


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