Stock Futures Drop, Pointing to Retreat in Technology Shares

U.S. stock futures dropped Monday, pointing to losses for the major benchmarks at the start of the week as technology shares continue to retreat.

S&P 500 futures slipped 0.9% and futures on the Dow Jones Industrial Average declined 0.7%. Nasdaq-100 futures fell 1.3%, suggesting that tech stocks will lead the market lower after the opening bell.

In bond markets, the 10-year U.S. Treasury yield rose to 1.377%, from 1.344% on Friday. The yield is up for three consecutive weeks, and by end of Friday had its biggest one-week gain in over a month. Yields move inversely to prices.

Overseas, the Stoxx Europe 600 declined 1.2%. The U.K.'s FTSE 100, which is dominated by large international businesses, shed 1%.

Among individual shares, Icade rose 3.7% snapping a four-day losing streak. G4S fell 9.9% snapping a three-session run of gains.

The Swiss franc, the euro and the British pound depreciated 0.5%, 0.1% and 0.2% respectively against the U.S. dollar.

In commodities, international benchmark Brent crude advanced 0.9%. Gold gained 0.7%.

German 10-year bund yields were recently at minus 0.289% and the yield on U.K. 10-year gilts was at 0.720%.

In Asia, indexes were mixed. Japan's Nikkei 225 index climbed 0.5%, whereas Hong Kong's Hang Seng fell 1.1% after gaining 1.4% during the session. China's benchmark Shanghai Composite declined 1.5%.

--An artificial-intelligence tool was used in creating this article.

(END) Dow Jones Newswires

February 22, 2021 03:58 ET (08:58 GMT)

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