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U.S. Stock Futures Lower After Dow Notches Fresh Record High

Published 05/01/2022, 10:33 am
Updated 05/01/2022, 10:38 am
© Reuters.

© Reuters.

By Oliver Gray

Investing.com - U.S. stock futures were lower in early APAC deals on Wednesday, after the Dow and the S&P 500 touched fresh records overnight as investors proved optimistic that the economic rebound will outweigh surging coronavirus infection rates, triggering a surge in long term bond yields that drove technology companies lower.

The Dow rose 214.59 points, or about 0.5%, notching a record close of 36,799.65 and hitting an intraday record earlier in the session. The S&P 500 also reached an intraday record, but was held back somewhat by tech losses. It ended the day down 0.06%, falling to 4,793.54. The Nasdaq Composite shed 1.3% to 15,622.72 on the losses in tech shares.

Dow Jones 30 Futures were 0.12% lower, S&P 500 Futures lost 0.12% while Nasdaq 100 Futures dipped 0.21%.

Among stocks, major bankers were buoyed by rising yields, with JPMorgan Chase & Co (NYSE:JPM) up 3.79%, Citizens Financial Group Inc (NYSE:CFG) adding 4.54%, Bank of America Corp (NYSE:BAC) up 3.92%, Citigroup Inc (NYSE:C)  adding 0.78% and Wells Fargo & Company (NYSE:WFC) lifting 3.98%.

Major tech players were hit as investors rotated out of the sector. Block Inc (NYSE:SQ) dipped 4.69%, Amazon.com Inc (NASDAQ:AMZN) lost 1.69%, Microsoft Corporation (NASDAQ:MSFT) fell 1.71%, Meta Platforms Inc (NASDAQ:FB) lost 0.59%, Twitter Inc (NYSE:TWTR) dropped 4.24%, Apple Inc (NASDAQ:AAPL) fell 1.27% and Alphabet Inc (NASDAQ:GOOGL) slipped 0.41%.

Meantime, Tesla Inc (NASDAQ:TSLA) fell 4.18% after jumping 13% in the previous session, while Rivian Automotive Inc (NASDAQ:RIVN) dipped 1.29% and Lucid Group Inc (NASDAQ:LCID) lost 3.71%.

On the bond markets, United States 10-Year yields were near fresh 3-month highs of 1.649%.

Among data, JOLTS job openings decreased to 10.562 million in November, coming in below market expectations but remaining near record highs, while the ISM Manufacturing PMI fell to 58.7 from 61.1 in the previous month, signaling the weakest growth in factory activity since January 2021.

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