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 h