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Rate-sensitive tech stocks came under pressure as two-year
Treasury yields, which track short-term rate expectations,
crossed 1% for the first time since February 2020. [US/]
U.S.-listed megacap tech companies including Google's Alphabet,
Apple, Meta, Amazon and Microsoft were last down between 1.5%
and 2.4% in premarket trading.
Later in the week, a U.S. Senate panel is also set to debate a
bill that aims to rein in app stores of companies that some
lawmakers say exert too much market control, including Apple and
Alphabet's Google.
A monthly survey conducted by Deutsche Bank found that a
majority of respondents believed U.S. technology stocks are in a
bubble as investors remained more bearish on hawkish policy
moves and higher yields.
The Nasdaq and the S&P 500 fell for a second straight week as
bearish sentiment on tech and disappointing results from big
banks weighed on the U.S. indexes just as the earnings season
kicked off.
The S&P technology index has declined 4.8% so far since the
start of 2022.
At 6:47 a.m. ET, Dow e-minis were down 246 points, or 0.69%, S&P
500 e-minis were down 49.75 points, or 1.07%, and Nasdaq 100
e-minis were down 264.5 points, or 1.7%.
Among banks, Goldman Sachs reports later in the day and Bank of
America and Morgan Stanley will post their fourth-quarter
results on Wednesday. Netflix will kick-off reporting among big
tech shares on Jan. 20.
Starbucks fell 1.2% in premarket trading on partnering with
China's dominant food delivery firm, Meituan, to expand its
reach in the second-biggest market globally.
Airbnb dropped 3.8% after Gordon Haskett cut the home rental
firm's shares to "hold" and lowered its target price.
(Reporting by Bansari Mayur Kamdar, Shreyashi Sanyal, Sruthi
Shankar in Bengaluru and Danilo Masoni in Milan; Editing by Maju
Samuel)
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