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Tech tumble, lackluster GS earnings set to weigh on Wall Street

By Bansari Mayur Kamdar (Reuters) - Wall Street's main indexes were set to open lower on Tuesday as technology stocks were slammed by rising Treasury yields, while Goldman Sachs...

By Bansari Mayur Kamdar

(Reuters) - Wall Street's main indexes were set to open lower on Tuesday as technology stocks were slammed by rising Treasury yields, while Goldman Sachs (NYSE:GS) led declines among big banks after posting its quarterly profit below expectations.

Two-year Treasury yields, which track short-term rate expectations, crossed 1% for the first time since February 2020 amid traders positioning for a more hawkish Federal Reserve ahead of a policy meeting next week. [US/]

Megacap firms including Google's Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), Meta, Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) fell between 1% and 2.5% in premarket trading.

"Tech is going to be bifurcated between the companies that are earning money today versus the companies that are promising to earn money tomorrow," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

"The companies that are promising to earn money tomorrow but not earning today are going to take big haircuts."

A monthly survey conducted by Deutsche Bank (DE:DBKGn) found that a majority of respondents believed U.S. technology stocks are in a bubble as investors remained more bearish on hawkish policy moves and higher yields.

Goldman Sachs fell 4.2% after missing fourth-quarter profit expectations on weak trading activity, while BNY Mellon (NYSE:BK) inched up 0.2% after posting quarterly results.

Other lenders including Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C) and JPMorgan (NYSE:JPM) were down up to 1.6%.

At 8:37 a.m. ET, Dow e-minis were down 292 points, or 0.82%, S&P 500 e-minis were down 44.75 points, or 0.96%, and Nasdaq 100 e-minis were down 231.25 points, or 1.48%.

Later in the week, a U.S. Senate panel is also set to debate a bill that aims to rein in app stores of companies that some lawmakers say exert too much market control, including Apple and Alphabet's Google.

The Nasdaq and the S&P 500 fell for a second straight week on Friday as bearish sentiment on tech and disappointing results from big banks weighed on the U.S. indexes made for a soft start to earnings season.

The S&P technology index has declined 4.8% so far since the start of 2022.

Bank of America and Morgan Stanley will post fourth-quarter results on Wednesday, while Netflix (NASDAQ:NFLX) will kick-off reporting among big tech shares on Thursday.

In M&A news, Activision Blizzard (NASDAQ:ATVI) gained 37.6% after Microsoft said it would buy the videogame publisher for $68.7 billion in cash, the largest deal in the sector. Microsoft's shares declined 1.8%, while other gaming stocks Electronic Arts (NASDAQ:EA) and Take-Two (NASDAQ:TTWO) Interactive gained 6.6% and 3.6% respectively.

Starbucks (NASDAQ:SBUX) fell 0.9% on partnering with China's dominant food delivery firm, Meituan, to expand its reach in the second-biggest market globally.

Airbnb dropped 3.9% after Gordon Haskett cut the home rental firm's shares to "hold" and lowered its target price.

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29-03-2024 12:33:18 (UTC+7)

EUR/USD

1.0776

-0.0011 (-0.10%)

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EUR/USD

1.0776

-0.0011 (-0.10%)

Summary

Sell

Moving Avg:

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GBP/USD

1.2620

-0.0002 (-0.02%)

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USD/JPY

151.37

-0.01 (-0.00%)

Summary

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AUD/USD

0.6510

-0.0006 (-0.08%)

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USD/CAD

1.3553

+0.0015 (+0.11%)

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163.07

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0.9728

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2,254.80

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25.100

+0.002 (+0.01%)

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4.0115

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83.11

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86.99

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188.53

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5,082.85

+1.11 (+0.02%)

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+5.86 (+0.11%)

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7,952.62

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16,541.42

+148.58 (+0.91%)

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2,120.15

+5.80 (+0.27%)

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11,074.60

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52.930

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28.43

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277.80

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Adidas AG

207.00

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7.281

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14.582

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 EUR/USD1.0776Sell
 GBP/USD1.2620↑ Sell
 USD/JPY151.37↑ Buy
 AUD/USD0.6510↑ Sell
 USD/CAD1.3553Neutral
 EUR/JPY163.07↑ Buy
 EUR/CHF0.9728Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 12:33:20
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$2,232.75-1.61-0.07%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.610,0024.980,00
EUR26.047,4527.476,69
GBP30.507,5531.805,49
JPY159,05168,34
KRW15,9119,28
Cập nhật lúc 12:30:16 29/03/2024
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