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Stock market news live updates: Stock futures open mixed after Nasdaq’s worst day since March

by capitalizefinancial
May 11, 2021
in Markets
0

Stock futures began the overnight session mixed Monday evening, with contracts on the Nasdaq extending declines.

During the regular trading day, the Dow briefly topped 35,000 for the first time ever before erasing gains to end in the red. The Nasdaq dropped 2.6% to post its worst day since March. The S&P 500 also dropped more than 1%, with technology stocks coming under heavy selling pressure as traders rotated away from high growth stocks that could be impacted by rising inflation during the recovery out of the pandemic.

With a strong quarterly earnings season winding down – aside from a couple notable names including Disney (DIS) reporting later this week – investors are taking stock of the next catalysts for markets, with inflation concerns a key focal point.

According to data from Bank of America, mentions of inflation have increased nearly 800% year-over-year in quarterly earnings calls and reports. Bank of America equity strategist Savita Subramian said that strong earnings, rising inflation and improving corporate sentiment “all point to a continued rotation into Value.

 

continue…https://finance.yahoo.com/news/stock-market-news-live-updates-may-11-2021-221907344.html

 

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