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Thursday, December 2, 2021

Nasdaq Futures At An All-Time High As Economic Trouble Stimulates Demand For Technology

Nasdaq futures hit an all-time high on Friday as investors sought economically stable sectors after a slight delay in voting on President Joe Biden’s $ 1.75 trillion spending bill, while rising COVID-19 cases in Europe also eroded mood.

S&P and Dow futures fell, tracking losses in banks, airlines and other economically vulnerable sectors. Uncertainty over rising inflation and a tightening Federal Reserve also kept demand for stocks low.

The US House of Representatives early Friday postponed an expected vote on Biden’s social programs and climate change investment bill and will instead meet again at 8 a.m. ET (1 p.m. GMT) to finalize the bill.

In Europe, the rise in COVID-19 cases has led Austria to plan for complete isolation, and Germany could follow suit amid a new wave of infections.

Alphabet Inc., Amazon.com and Microsoft Corp. – stocks, which have largely survived the economic turmoil since 2020, rose 0.3-0.5 percent in the premarket.

Chipmaker Nvidia also increased its Nasdaq futures, trading 1.7% after posting strong quarterly results late Wednesday.

On the other hand, shares of Delta Air Lines, United Airlines and American Airlines, as well as cruise ships Norwegian Cruise Line and Carnival Corp. fell by 1.4-2.3 percent.

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Oil companies Exxon Mobil and Chevron Corp. fell 2.1% and 1.8% on falling oil prices, while major banks including JPMorgan Chase & Co. and Bank of America fell 0.9-1.1%, tracking the fall in US Treasury yields.

At 6:26 am ET, the Dow e-minis fell 145 points, or 0.4 percent. The S&P 500 e-minis were down 5.75 points, or 0.12 percent, and the Nasdaq 100 e-minis rose 68 points, or 0.41 percent.

The S&P 500 and Nasdaq hit record highs on Thursday following strong tech and retail gains. Both indices posted moderate weekly gains, while the Dow Jones suffered losses for the second straight week.

Among the main factors affecting the premarket, the shares of Intuit Inc. jumped 10.3% as brokerage firms raised their target prices for the profit tax software company after it beat quarterly estimates and raised its forecast. Stocks were the top gainer in the S&P 500 premarket.

Applied Materials Inc. fell 5.7% after the chipmaker forecast first-quarter sales and profits below market estimates for supply chain problems.

Posted by Ambar Warrick and Devik Jain

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