Rotation out of megacaps set to weigh on Nasdaq at open – Reuters

SourceReuters
SectorFinancial Markets
CountryMiddle east

A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, U.S., January 3, 2019. REUTERS/Shannon Stapleton

U.S. stock index futures dipped on Tuesday as investors continued to move out of megacap growth stocks and into companies that are expected to benefit more from the reopening of economies.

Highly valued technology companies including Microsoft Corp (MSFT.O), Alphabet Inc (GOOGL.O), Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Facebook Inc (FB.O) fell between 0.2% and 0.5% in premarket trading.

Big U.S.

banks such as Goldman Sachs Group Inc (GS.N) and Wells Fargo & Co (WFC.N) added 0.7% and 0.4%, respectively, while planemaker Boeing Co (BA.N) and oil major Chevron Corp (CVX.N) gained 0.8% each.

Copious stimulus measures, speedy vaccination drives and the Federal Reserve’s accommodative policy stance have spurred a strong rebound in the U.S. economy and pushed Wall Street to record highs this year. The so-called “pandemic winners”, however, have recently started to fall out of...read more...