Stock futures were flat in overnight trading after a tech-led rally

Traders on the floor of the NYSE, April 4, 2022.

Source: NYSE

Futures were flat in overnight trading Monday after investors bought into the slump in technology stocks following recent weakness.

Dow Jones Industrial Average futures fell 14 points. S&P 500 futures were little changed and Nasdaq 100 futures fell 0.1%.

The overnight action followed a tech-led rally that saw the Nasdaq Composite rise 1.9%. Twitter’s shares jumped 27% on their best day ever after Elon Musk revealed 9.2% passive shares in the social media company.

The blue-chip Dow rose about 100 points at the start of the trading week, while the S&P 500 gained 0.8 percent, both posting their second consecutive day of gains.

“In the short-term, we believe that indiscriminate selling has created attractive entry points, especially for some stocks with high growth potential,” said Tony DeSpirito, Fundamentals CEO. of America at BlackRock, said in a note.

The new quarter has begun after the major averages ended their worst quarters in two years. Investors are awaiting the minutes of Wednesday’s Federal Reserve meeting for more clues on the central bank’s path to rate hikes. Meanwhile, first-quarter corporate earnings season kicks off next week.

“Markets have recovered from the war in Ukraine, continued price pressures, and an uncertain global economic outlook, with a ‘buy by” sentiment,’ said Mark Hackett, Nationwide’s Head of Investment Research. investors’ bearish bias drives stock returns,” said Mark Hackett, Nationwide’s head of investment research.

Investors are also keeping an eye on oil prices amid supply disruptions stemming from Russia’s invasion of Ukraine. WTI crude rose more than 4% and traded back above $100 a barrel on Monday.

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