High-flying Amazon.com Inc, Apple Inc. Microsoft Corp and
Facebook Inc were down between 0.2% and 0.5% in premarket
trading as yields on the benchmark 10-year Treasury ticked
higher to 1.67%.
A recent pullback in the yield has pushed the Nasdaq to
seven-week highs and within 2% of its February record level.
Weaker-than-expected labor market data on Thursday eased
inflation worries and validated the U.S. Federal Reserve's
accommodative stance, lifting the tech-heavy Nasdaq 1% higher
and powering the S&P 500 to a record close.
Bank of America's weekly fund flow figures showed investors have
pumped more money into equities over the past five months than
in the last 12 years, as ultra-easy monetary policies and
unprecedented stimulus have sparked a secular shift into stocks.
On the economic front, data on U.S. producer prices, an
inflation indicator, is on tap at 8:30 a.m. ET (1230 GMT).
President Joe Biden will release his first budget proposal to
Congress on Friday, offering a long-awaited glimpse into a
policy agenda that will mark a sharp departure from his
predecessor, Donald Trump.
At 6:47 a.m. ET, Dow E-minis were up 66 points, or 0.2%, &P 500
E-minis were up 4.5 points, or 0.11% and Nasdaq 100 E-minis were
down 9.75 points, or 0.07%.
Trading volumes have dwindled heading into the start of the
earnings season next week. Analysts expect S&P 500 profits to
jump about 25% year on year, the strongest first-quarter
performance since 2018, according to Refinitiv IBES data.
Big U.S. lenders including Bank of America Corp, Citigroup Inc,
JPMorgan Chase & Co, Goldman Sachs, Wells Fargo & Co and Morgan
Stanley were up between 0.4% and 0.8% in early trading.
(Reporting by Shivani Kumaresan and Medha Singh in Bengaluru;
Editing by Maju Samuel)
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