Nasdaq futures fall 1% as tech sell-off set to deepen

FILE PHOTO: U.S. flags fly out in front of the New York Stock Exchange (NYSE) is seen in New York, U.S., February 16, 2021. REUTERS/Brendan McDermid

(Reuters) – Futures tracking the Nasdaq 100 index fell 1% on Wednesday, sliding for a seventh straight session as investors swapped growth-oriented technology shares with stocks that stand to gain the most from an economic rebound.

Up to Tuesday’s close, the broader technology-heavy Nasdaq Composite index had lost 4.5% since Feb. 12, compared with a 0.3% rise in the blue-chip Dow. The benchmark S&P 500 slipped 1.4% in the same period.

By 1:40 a.m. ET on Wednesday, Nasdaq 100 e-minis were down 109.5 points, or 0.83%, Dow e-minis were down 100 points, or 0.32%, and S&P 500 e-minis were down 15.5 points, or 0.4%.

Source: Read Full Article