Stock futures are flat after the Dow notches a record close

Stock futures are flat after the Dow notches a record close

Stock futures were flat in overnight trading Tuesday after the Dow Jones Industrial Average notched a record close as investors flocked to shares that stand to benefit from an economic recovery. Futures on the blue-chip Dow dipped 15 points. S&P 500 futures were little changed and Nasdaq 100 futures edged 0.1% lower. On Tuesday, while the Dow climbed 200 points to a new high, the tech-focused Nasdaq Composite suffered a sell-off, down 1.3%, amid a rapid rise in Treasury yields. The closely-watched benchmark  yield was as high as 1.71% Tuesday, triggering selling in growth-oriented technology stocks. Megacap tech stocks underperformed the S&P 500 Tuesday as "investors reconsidered the value of such long-duration assets in the wake of higher rates," Chris Hussey, a managing director at Goldman Sachs, said in a note. Investors awaited the release of the Federal Reserve's minutes from its December meeting. The central bank announced it would speed up the tapering of its bond buying program. The Fed has also forecast three interest rate hikes for 2022. "The Fed is accelerating its removal of liquidity because inflation has broadened, which has the potential to push 10-year yields higher," Ed Al-Hussainy, senior rates strategist at Columbia Threadneedle,