Techs Sell off, Futures Wane

12/17/2021 9:12:54 AM

(MENAFN- Baystreet.ca) Techs Sell off, Futures Wane

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U.S. stock futures were in negative territory early Friday morning as investors sold tech Stocks again, a day after losses in the sector dragged down the rest of the market.
Futures for the Dow Jones Industrials lost 160 points, or 0.4%, to 35,631.
Futures for the S&P 500 doffed 31 points, or 0.7%, to 4,628.25.
Futures for the nasdaq tumbled 193.5 points, or 1.2%, to 15,673.25. The tech-heavy index sustained heavy losses Thursday for its worst day since September.
The market is divided on the week with the NASDAQ down 2.9%, while the S&P 500 is off by 0.9% and the Dow has shed just 0.2%.
Shares of one-time EV darling Rivian lost 10% in pre-market trading Friday after the truck maker said it will fall short of its 2021 production target.
Elsewhere in the tech sector, Nvidia lost nearly 2% in pre-market trading, adding to its 6% loss on the week. Tesla shares were down another 1%, adding to their 9% loss on the week.
FedEx shares jumped 5% after quarterly earnings and revenue results topped expectations and it announced a $5-billion buyback. The shipper also reinstated its original 2022 EPS forecast.
Bank stocks were in the green again a bit in early trading Friday. They were among the biggest gainers on Thursday and are higher for the week. Bank of America and Wells Fargo added more than 2%. Goldman Sachs and JPMorgan rose more than 1%. Shares of Verizon jumped more than 4% as one of the top performers in the Dow.
On Friday, Darden Restaurants and Winnebago are scheduled to report quarterly earnings results before the bell.
Overseas, in Japan, the Nikkei 225 hesitated 1.8% Friday, while the Hang Seng in Hong Kong fell 1.2%.
Oil prices slumped $1.46 to $70.92 U.S. a barrel.
Gold prices jumped $15.40 to $1,813.60 U.S. an ounce.

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