Stocks, Futures Drop as Inflation Worry Hurts Tech: Markets Wrap

  • Date: 11-May-2021
  • Source: Yahoo News
  • Sector:Economy
  • Country:Gulf
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Stocks, Futures Drop as Inflation Worry Hurts Tech: Markets Wrap

(Bloomberg) -- Stocks dropped at the open in Asia on Tuesday after a slide in U.S. equities as surging commodity prices stoked concern about inflation. Treasury yields held a climb.

Shares fell in Japan, Australia and South Korea. U.S. contracts fluctuated after the Nasdaq 100 Index tumbled 2.6% amid the growing anxiety over inflation, which can threaten longer-horizon revenues typical of the technology sector. The benchmark S&P 500 Index fell from an all-time high, while the Dow Jones Industrial Average briefly topped 35,000 for the first time.

West Texas Intermediate crude fluctuated after a cyberattack forced the closure of a key U.S. pipeline, which operators hope to reopen by the end of the week. The spotlight remains on commodities and the economic and market implications of recent jumps in materials like copper and iron ore.