By Oliver Gray
Investing.com - U.S. stock futures were slightly lower in early Wednesday deals after major benchmark indices closed mixed in the regular session, as rising interest rates dragged on heavyweight tech stocks while supporting big banks and industrial names.
During Tuesday’s session, the Dow Jones Industrial Average rose 194.55 points or 0.55% to 35,813.81, the S&P 500 added 7.74 points or 0.17% to 4,690.69 and the Nasdaq Composite fell 79.62 points or 0.5% to 15,775.14.
Dow Jones 30 Futures lost 0.07%, S&P 500 Futures dipped 0.04% and Nasdaq 100 Futures lost 0.05%.
Among stocks, heavyweight financials were buoyed by higher long term bond yields, with JPMorgan Chase & Co (NYSE:JPM) gaining 2.39%, Citizens Financial Group Inc (NYSE:CFG) up 1.13%, Bank of America Corp (NYSE:BAC) adding 2.64%, Citigroup Inc (NYSE:C) gaining 1.54% and Wells Fargo & Company (NYSE:WFC) lifting 2.11%.
Technology giants dragged, as Microsoft Corporation (NASDAQ:MSFT) lost 0.63%, Alphabet Inc (NASDAQ:GOOGL) eased 0.36%, Tesla Inc (NASDAQ:TSLA) dipped 4.14% and Meta Platforms Inc (NASDAQ:FB) fell 1.1%.
Energy stocks climbed even after President Joe Biden announced on Tuesday that he would tap the strategic petroleum reserve. Exxon Mobil Corp (NYSE:XOM) added 2.63%, Chevron Corp (NYSE:CVX) gained 2.1% and ConocoPhillips (NYSE:COP) lifted 2.63%.
Meantime, Best Buy Co Inc (NYSE:BBY) cratered 12.31% after reporting that sales and gross profit margin may decline in the fourth quarter on an annualized basis. Zoom Video Communications Inc (NASDAQ:ZM) plummeted 14.71% on demand growth concerns as workers return to offices.
In extended deals, Nordstrom Inc (NYSE:JWN) shed 23.46%% following quarterly results that disappointed market analysts. HP Inc (NYSE:HPQ) was up 9.23% as quarterly results beat analysts’ estimates, while also raising its first quarter guidance. Autodesk Inc (NASDAQ:ADSK) lost 13.28% despite reporting a beat on the top and bottom lines for its most recent quarter, while issuing revenue guidance that was largely below estimates.
On the bond markets, United States 10-Year yields traded near fresh 6-month highs of 1.676% following President Joe Biden’s decision to select Fed Chair Jerome Powell for a second term on Monday.