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Nasdaq futures slump 2% as rising yields spark tech rout

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ReutersStock Markets22 minutes ago (Jan 18, 2022 05:11AM ET)

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2022. REUTERS/Brendan McDermid

(Reuters) – Futures tracking the tech-heavy slumped almost 2% on Tuesday as traders returned from a long holiday weekend to position for a more hawkish Federal Reserve ahead of a policy meeting next week.

Rate-sensitive technology stocks came under pressure in Europe and Asia as two-year Treasury yields, which track short-term rate expectations, crossed 1% for the first time since February 2020. [US/]

Frankfurt-listed shares of U.S. megacap tech companies including Google’s Alphabet (NASDAQ:), Apple (NASDAQ:), Meta, Amazon (NASDAQ:) and Microsoft (NASDAQ:) were last down between 1.9% and 2.5%. They were down by similar amount in early U.S. premarket trading.

At 04:48 a.m. ET (0948 GMT), were down 292 points, or 0.82%, were down 57.25 points, or 1.23%, and were down 292.5 points, or 1.88%.

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