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Electric-car maker Tesla Inc fell 3.4% in premarket trading
after data showed China auto sales plunged in March, hurt by the
country's curbs to rein in COVID-19 outbreaks.
Twitter Inc declined 2% after the micro-blogging site said Tesla
boss Elon Musk rejected its offer to join the company's board.
Megacap growth stocks such as Meta Platforms and Microsoft Corp,
slipped over 1% each as the benchmark 10-year Treasury yield
climbed to 2.75%. [US/]
Market-leading growth and technology stocks, whose valuations
have grown rapidly in the wake of low interest rates, have come
under stress since late March on signals from the Fed that it
will aggressively hike rates to control soaring inflation.
Data on Tuesday is expected to show U.S. consumer prices leapt
to a fresh four-decade high of 8.5% in March, on a year-on-year
basis, after hitting 7.9% in February as the Ukraine conflict
drives up energy costs.
At 06:52 a.m. ET, Dow e-minis were down 18 points, or 0.05%, S&P
500 e-minis were down 15.25 points, or 0.34%, and Nasdaq 100
e-minis were down 108 points, or 0.75%.
Investors will also be focusing on the big U.S. banks, which
kick off the first-quarter earnings season on Wednesday. They
are expected to show a sharp decline in quarterly earnings from
a year earlier.
U.S.-listed Chinese shares mirrored a slump in domestic stocks
amid concerns over pandemic curbs and inflation in China.
Alibaba Group Holdings Inc, JD.com Inc and Pinduoduo Inc fell
between 1.2% and 2.4%.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Shounak Dasgupta)
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