Nasdaq futures fall 2% as tech sell-off resumes


  • Markets
  • Tuesday, 08 Sep 2020

Tesla Inc slumped 11% in premarket trading after the electric-car maker was excluded from a group of companies being added to the S&P 500.

BENGALURU:Futures tracking the Nasdaq 100 index fell 2% on Tuesday, on the first full trading day after a report said SoftBank made significant option purchases during a Wall Street rally since a coronavirus-driven crash in March.

SoftBank spent roughly $10 billion buying shares and sources told Reuters it has spent more buying derivatives in U.S. stocks. The Financial Times first reported on these derivative purchases on Friday.

Wall Street's tech-fueled rally halted last week, with the Nasdaq plunging 3.3% in its worst week since the height of the pandemic-linked sell-off in March. The benchmark S&P 500 ended 2.3% lower, snapping a five-week winning streak.

At 6:01 a.m. ET, Nasdaq 100 e-minis were down 271.75 points, or 2.35%, S&P 500 e-minis were down 20.75 points, or 0.61% and Dow e-minis were up 10 points, or 0.04%.

Tesla Inc slumped 11% in premarket trading after the electric-car maker was excluded from a group of companies being added to the S&P 500. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

SOP for capital market participants during MCO
Serba Dinamik clinches RM548m contracts
Milux proposes three-for-one bonus issue
SKP Resources: 3% of sales revenue impacted in FY March 31
Kelington’s orderbook hits RM490m with new RM118m contracts
Sufian Abdullah is new CEO of UEM Sunrise
Tough decision ahead for Bank Negara on OPR
KLCI remains in the red as banking heavyweights drag
PM: Impact of current MCO to be manageable
Facial recognition tech to be rolled out at KLIA

Stories You'll Enjoy