Rotation out of megacaps set to weigh on Nasdaq at open – Reuters
- Date: 04-May-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Rotation out of megacaps set to weigh on Nasdaq at open – Reuters
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.
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