Off The Wire
Nasdaq futures bounce as tech selloff eases
(Reuters) - Futures tracking the Nasdaq 100 index rose on Friday as a two-day selloff in technology-related stocks halted, while worries about rising coronavirus cases and a patchy economic recovery weighed on S&P 500 and Dow futures.
Wall Street’s three main indexes bounced earlier this week as investors bet on a loose monetary policy by the Federal Reserve, but gains petered out in the absence of firm details on the central bank’s stimulus plan.
Of the 11 major S&P indexes, industrials .SPLRCI, materials .SPLRCM and energy .SPNY have gained more than 2% so far this week, while communication services .SPLRCL and consumer discretionary .SPLRCD have posted the biggest declines.
Tesla Inc TSLA.O rose 2.1% in premarket trading after two analysts raised their price targets on the electric carmaker's shares ahead of its highly anticipated "Battery Day" event next week.
Volatility is likely to be higher on Friday related to a quarterly expiration of U.S. stock options, stock index futures and index option contracts, known as “quadruple witching”.
Reporting by Shreyashi Sanyal and Devik Jain in Bengaluru; Editing by Maju Samuel