25 Mar 2022
U.S. Futures Rise as Tech Stocks Bounce Back
The Index Today
On Friday, U.S. stock futures soared after tech stocks recommenced their upward climb amid investor concerns over the ongoing geopolitical tensions between Russia and Ukraine and the resulting hawkish stance of the U.S. Federal Reserve as it aims to counter soaring inflation.
According to Investing.com, tech giants Microsoft Corp, Alphabet Inc., Amazon.com, Meta Platforms, and Apple Inc. edged higher during premarket trades. S&P 500’s technology sector soared by 2.4%. However, it is still low by 8.7% since the beginning of the year till date.
S&P 500 e-minis climbed by 0.8% while Dow e-minis and Nasdaq 100 e-minis rose by 0.06% each at 6:48am ET. The rise in U.S. stocks comes amid the Ukraine-Russia crisis and the resulting hawkish Fed and mounting commodity prices.
The Fed is expected to hike interest rates from the current 0.25-0.50% to 2.4% by February, 2023, as markets anticipate a 50-basis point rate increase at its next monetary policy meeting in May.
©Photo: Financial Times