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Stock market news live updates: Stock futures head toward a higher open as tech stocks outperform

Added 05-24-21 09:04:02am EST - “Stocks pointed to a higher open Monday morning and looked to recover some of last week's losses.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Stock market news live updates: Stock futures head toward a higher open as tech stocks outperform”. Below is an excerpt from the article.

Contracts on the S&P 500 rose by about 0.5% after ending last week lower. The Dow and Nasdaq also headed toward a higher open. Technology stocks outperformed as Treasury yields retreated.

Bitcoin (BTC-USD) prices steadied to rise by more than 3%, after the largest cryptocurrency by market cap endured an extended streak of selling over the weekend. At their worst point during the past week's worth of selling, Bitcoin prices were off by more than 50% from their peak of more than $64,800 from mid-April. Ethereum (ETH-USD), the second largest cryptocurrency, also recovered some recent losses Monday morning, with prices up more than 7% to over $2,300.  

The three major indexes are heading into this week following a multi-week stretch of volatile trading. Investors have become increasingly jittery about the prospects of elevated, lasting inflation during the post-pandemic economic recovery. These concerns have hit growth stocks like technology companies especially hard, with the Amazon- and Tesla-heavy consumer discretionary sector down 5.2% in the S&P 500 over the past month, and the information technology sector off by 4.4%. 

"I do think it's been a pretty healthy sideways chop," Michael Jones, Caravel Concepts CEO, told Yahoo Finance. "It's taken out some of the speculative excess. The biggest pullbacks have been in some of the most pricey names. That all feels very healthy to me."

"I also think that the big concerns that the market has had about inflation – well, you only care about inflation if the Fed cares inflation," he added. "And the folks on the FOMC [Federal Open Market Committee] who were sounding a warning bell, maybe we should start 'taking about talking about tapering,' since that meeting, a lot of the data has come in weaker than expected ... and I think that gives the more dovish folks ammo to push that conversation about tapering further out in time." 

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