U.S. Stock Futures Mixed After Tech Sell-Off
Investing.com
Published Dec 17, 2021 10:23
By Oliver Gray
Investing.com - U.S. stock futures were mixed in early APAC deals on Friday following a negative session as market participants rotated away from big technology stocks after the Federal Reserve’s hawkish guidance on Wednesday, announcing a faster wind-down of its pandemic-era stimulus and signaling three interest rate hikes by the end of 2022.
The Dow Jones Industrial Average Index lost a modest 29.79 points, or 0.08% to 35,897.64. The S&P 500 shed 41.18 points or 0.87% to 4,668.67, while the Nasdaq Composite fell 385.15 points or 2.47% to 15180.43, posting its worst performance in 3 months.
Dow Jones 30 Futures added 0.03%, S&P 500 Futures added 0.07% while Nasdaq 100 Futures were down 0.18%.
Among stocks, major technology companies fell with Amazon.com Inc (NASDAQ:AMZN) down 2.56%, Microsoft Corporation (NASDAQ:MSFT) down 2.91%, Apple Inc (NASDAQ:AAPL) shedding 3.93% and Alphabet Inc (NASDAQ:GOOGL) falling 1.36%. Social media stocks fell, with Meta Platforms Inc (NASDAQ:FB) down 1.98% and Twitter Inc (NYSE:TWTR) losing 2.13%. Adobe (NASDAQ:ADBE) plummeted 10.19% after the company’s forward guidance came in lower than expected. Chipmakers also dipped with NVIDIA Corporation (NASDAQ:NVDA) down 6.8% and Advanced Micro Devices Inc (NASDAQ:AMD) falling 5.37%
EV manufacturers closed in the red, with Tesla Inc (NASDAQ:TSLA) down 5.03%, Rivian Automotive Inc (NASDAQ:RIVN) falling 5.33% and Lucid Group Inc (NASDAQ:LCID) down 1.86%.
Major bankers provided some relief, with JPMorgan Chase & Co (NYSE:JPM) up 1.56%, Bank of America Corp (NYSE:BAC) adding 2.41%, Citigroup Inc (NYSE:C) up 1.38% and Wells Fargo & Company (NYSE:WFC) gaining 2.78%.
On the bond markets, United States 10-Year yields were at 1.424%.
On the data front, weekly jobless claims came in slightly higher than expected, while the Philadelphia Fed Manufacturing Index was at 15.4 in December from 39.0 in the previous month, below expectations of 30 as business activity cooled amid rising input costs.
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