by Tyler Durden
Thursday, Mar 04, 2021 - 07:53 AM
U.S. futures slumped alongside tumbling European and Asian stocks on Thursday, but have since rebounded and were back near unchanged levels as traders awaited remarks from Jerome Powell following a recent bout of bond market turmoil. Treasuries and bitcoin were steady, while the dollar and oil were slightly higher. Nasdaq futures rebounded after falling to a two-month low, wiping out all 2021 gains.
At 6:45 a.m. ET, Dow E-minis were down 48 points, or 0.15% and S&P 500 E-minis were down 10 points, or 0.26%. Nasdaq 100 E-minis were down 36points, or 0.29%.
The S&P 500 is set to open below its 50-day moving average, an indicator of short-term momentum that has proved to be a support line in the recent days. Microsoft Corp, Apple Inc and Amazon.com Inc dropped between 0.3% and 0.4% before the bell. Tech stocks and growth names in general which have huge duration, are particularly sensitive to rising yields because their value rests heavily on future earnings, which are discounted more deeply when bond returns go up. Shares of Snap dropped about 2% even as the company’s chief executive, Evan Spiegel, said the tech company expects to deliver 50% annual revenue growth over several years even without growing its user base or engagement.