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FAANG stocks, including Apple Inc and Alphabet
Inc, some of the largest tech names on Wall Street, fell
slightly in premarket trading.
Yields on the benchmark 10-year notes held around levels touched
yesterday, after an unexpectedly strong retail sales reading.
Focus now turns to a meeting of the Federal Reserve next week,
with investors debating if a swathe of strong economic data this
week could spur the bank into shortening its timeline for
reducing monetary stimulus.
Losses in major technology stocks had pulled the S&P 500 lower
on Thursday, after a jump in bond yields saw investors pivot
into sectors most likely to benefit from an economic recovery
this year.
The retail sales reading came on the heels of data showing
steady factory activity and a cooling in inflation, which
suggested the U.S. economic recovery was resilient despite a
recent rise in cases of the Delta COVID-19 variant.
U.S. S&P 500 E-minis were down 13 points, or 0.29%, at 06:29 am
ET. Dow E-minis were down 70 points, or 0.2%, while Nasdaq 100
E-minis were down 41.25 points, or 0.27%.
All three major indexes were headed for small weekly gains. But
they were also trading lower for the month due to seasonally
weaker trends in September.
Monthly losses in the Nasdaq were the least as investors had
initially shifted to sectors more resilient to economic
disruptions from the pandemic. This trade, however, could unwind
in the coming weeks.
Among other movers, Invesco Ltd rose 7.3% before the bell on
reports that the investment management firm was in talks to
merge with peer State Street Corp's asset-management business.
State Street shares were flat.
(Reporting by Ambar Warrick in Bengaluru; Editing by Arun Koyyur)
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