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Wall Street’s main indexes had staged a late-session rally on Friday as a much better-than-expected jobs report boosted optimism around a faster economic rebound, but market sentiment soured on Monday on fears that rising inflation would result in a sudden tapering of monetary stimulus.
Inflation worries were also fueled by a jump in Brent crude prices to above $70 per barrel, the highest since the COVID-19 pandemic began, following reports of attacks on Saudi Arabian facilities. [O/R]
The Nasdaq has now fallen for three straight weeks, with the yield-sensitive grouping of FAANG plus Tesla (NASDAQ:TSLA) and Microsoft (NASDAQ:MSFT) stocks losing $760 billion in value since Feb. 16.
At 4:51 a.m. ET, Nasdaq 100 e-minis were down 246.75 points, or 1.95%, Dow e-minis were down 89 points, or 0.28%, and S&P 500 e-minis were down 30.5 points, or 0.79%.
Facebook Inc (NASDAQ:FB), Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Netflix Inc (NASDAQ:NFLX), Alphabet (NASDAQ:GOOGL) Inc, Tesla and Microsoft lost another 2% to 5% in early deals.
The yields on benchmark 10-year Treasuries stood near a 13-month high at 1.594%, while Wall Street’s fear gauge jumped nearly 3 points and was on course for its biggest one-day rise this month.
