Tech Stocks Extend Losses On Inflation Concerns

U.S. equity futures dropped on Monday as investors continue to adapt to expectations of higher interest rates.

Tech stocks dropped the hardest as staggering inflation numbers forced the Fed to take a more hawkish stance on inflation.

On the other hand, rising oil prices and a labor shortage threaten to make inflation worse. Together with more potential lockdowns, inflation could have a dampening effect on U.S. growth.

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Meanwhile, investors will soon know more about what the Omicron variant and higher prices means for stocks as the start of earnings season kicks off this week.

Level Chg. Chg. %
DOW Futures 36,061.00 -70 -0.19%
S&P 500 Futures 4,654.25 -33.25 -0.71%
Nasdaq Futures 15,486.00 -273 -1.73%

U.S. Dollar and Treasuries

Treasury yields rose to a 2 year high as investors react to a shift in monetary policy. The yield on the 10-year Treasury rose one basis point. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.96 +0.24 +0.25%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.415% 0.002 0.413%
U.S. 5 Year Treasury Note 1.520% 0.017 1.504%
U.S. 10 Year Treasury Note 1.774% 0.006 1.767%

 

Stocks To Watch

Take-Two Interactive, the creator of the popular social game FarmVille, is acquiring Zynga. The gaming company surged in premarket trading on the news. The shares of Take-Two, on the other hand, dropped almost 9%, suggesting that investors don’t approve of the deal.

Tech companies dropped across the board as investors are rotating away from risk assets. NVIDIA dropped more than 2%, Apple dropped 1.2% and Microsoft dropped 1.47%. Tesla, which is also treated as a tech stock in today’s markets, dropped 2%.

Symbol Company Name Price Chg. % Volume
ZNGA Zynga Inc. Cl A $9.16 52.67% 6.91M
NVDA NVIDIA Corp. $266.85 -2.06% 302.59K
TSLA Tesla Inc. $1,005.85 -2.06% 289.6K
AAPL Apple Inc. $170.60 -0.91% 252.36K
TTWO Take-Two Interactive Software Inc. $152.28 -7.48% 99.08K
MSFT Microsoft Corp. $310.68 -1.07% 70.87K

 

Commodities To Watch

Oil prices dropped, holding above $81, as supply disruptions offset omicron fears. Gold strengthened, despite a strong dollar.

Resource Price Chg. %
WTI Crude Oil $78.43 -0.60%
Brent Crude Oil $81.33 -0.51%
Natural Gas $4.11 7.76%
Gold $1,798.70 0.53%
Silver $22.43 1.06%
Copper $4.40 1.07%

 

Crypto

The global crypto market cap fell below $2 trillion, to $1.94T, as crypto entered a bear market. Bitcoin’s dominance is currently 40.46%, unchanged since yesterday.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $41,582.38 -0.70% 786.95b
Etherium ETH $3,099.72 -0.64% 368.01b
Binance coin BNB $433.00 -0.07% 65.10b
Solana SOL $137.99 -1.20% 42.96b
Cardano ADA $ 1.144 -1.61% 35.59b

 

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