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12 Oct 2021

Nasdaq Futures Move up with Big Tech Firms as Focus Shifts

The Index Today

Technology sector stocks gains have boosted NASDAQ futures on Tuesday after Dow and the S&P were at risk of edging down due to inflation worries.

Microsoft, Amazon, Facebook, Tesla and Google reflected stock gains in premarket trading. Tesla saw a rise of 0.7% after reports of septemeber sales were released. The automaker sold 56,006 cars, making it its highest sales number in two years.

On the other hand, Exxon Mobil and Chevron Corp saw an increase of 0.1% and 0.3%. The ongoing supply chain disruptions and rising oil prices have laid pressure on major firms. Charalambos Pissouros, head of JFD Group said, “We believe that market participants could stay concerned over high energy prices translating into further acceleration in inflation, and thereby faster tightening by major central banks.”

Dow e-minis went down 22 points, S&P e-minis were up 0.25 points whereas Nasdaq e-minis were up 31 points. The upcoming fed taper timeline is expected to give clues with regards to inflation and overall economic recovery.

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