By Oliver Gray
Investing.com - U.S. stock futures were pointing higher in early APAC deals on Friday after major benchmark indices extended losses on during Thursday’s session, with big tech stocks continuing their decline as investors rotated out of high valuation names after Fed minutes earlier in the week showed that the central bank is ready to remove its economic support and hike rates sooner than expected.
During regular trading the Dow fell 170.64 points, or 0.47% to 36236.48, the S&P 500 declined 4.55 points or 0.1% to 4696.04 while the Nasdaq Composite slid 19.31 points or 0.13% to 15080.86, posting its seventh negative session in the last eight.
Dow Jones 30 Futures added 0.18%, S&P 500 Futures were up 0.24% and Nasdaq 100 Futures gained 0.37%.
Among stocks, major tech players stumbled as Amazon.com Inc (NASDAQ:AMZN) fell 0.67%, Microsoft Corporation (NASDAQ:MSFT) lost 0.79% and Apple Inc (NASDAQ:AAPL) fell 1.67%. Tesla Inc (NASDAQ:TSLA) also lost 2.15% while Rivian Automotive Inc (NASDAQ:RIVN) dipped 2.98% and Lucid Group Inc (NASDAQ:LCID) lifted 4.2%.
However, financials tracked long term bond yields higher as JPMorgan Chase & Co (NYSE:JPM) gained 1.06%, Citizens Financial Group Inc (NYSE:CFG) added 5.53%, Bank of America Corp (NYSE:BAC) lifted 2.01% and Citigroup Inc (NYSE:C) rallied 3.28%.
In extended deals, GameStop Corp (NYSE:GME) surged 25.15% after the Wall Street Journal reported that the company will create a marketplace for NFTs while also exploring cryptocurrency partnerships for games and items for the marketplace.
Quidel Corporation (NASDAQ:QDEL) lifted 2.45% after the releasing preliminary fourth-quarter results, while T-Mobile US Inc (NASDAQ:TMUS) dipped 1.36% after announcing preliminary full-year results.
On the bond markets, United States 10-Year yields lifted to fresh 9-month highs of 1.728%.
Among data, U.S. weekly jobless claims totaled 207,000 for the week ended Jan. 1, coming in higher than the expected 195,000. Investors also will be closely monitoring nonfarm payrolls data slated to be released later in the session.