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The
Senate on Saturday passed the stimulus package - one of the
biggest in U.S. history - and President Joe Biden said he hoped
for quick passage of the revised bill by the House of
Representatives so he could sign it and send $1,400 direct
payments to Americans.
Technology-related stocks, including Facebook Inc, Apple Inc and
Amazon.com Inc, fell between 1.3% and 3% after bearing the brunt
of the sell-off in the past three weeks on fears of higher
interest rates as the benchmark 10-year Treasury yield scaled
one-year highs.
Tesla Inc, which surged as high as $900 in the year since the
coronavirus-driven crash in early 2020, lost another 3.4% after
closing Friday at $597.95.
"Tech stocks are far from having corrected fully (after) their
sharp rise, as is the case of Tesla, ... as higher long-term
interest rates compete with the dividend sometimes paid by such
stocks," said Sebastien Galy, senior macro strategist at Nordea
Asset Management.
Hopes of more fiscal stimulus and signs of faster economic
growth following speedy vaccine rollouts had lifted Wall
Street's main indexes to record highs last month, but investors
have dumped global equities on worries that rising inflation
would result in a sudden tapering of monetary stimulus. [MKTS/GLOB]
At 6:10 a.m. ET, Dow e-minis were down 21 points, or 0.07%, S&P
500 e-minis were down 20.25 points, or 0.53%, and Nasdaq 100
e-minis were down 185.5 points, or 1.46%.
Banks were among the rare gainers in pre-market trading as the
yield on benchmark 10-year Treasuries stood near a 13-month
high, while Wall Street's fear gauge jumped nearly 3 points and
was on course for its biggest one-day rise this month. [US/]
(Reporting by Devik Jain and Sruthi Shankar in Bengaluru;
Editing by Sriraj Kalluvila and Sagarika Jaisinghani)
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