Tech stocks set to drag Wall St lower at open; Fed minutes in focus

Published by
Reuters

By Medha Singh and Shashank Nayar (Reuters) -Wall Street’s main indexes were set to drop at the open on Wednesday, led by losses in rate-sensitive technology stocks on fears that rising inflation could force the U.S. Federal Reserve to pare back its support soon. The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp and Facebook Inc by about 1% premarket. Tech and other growth stocks are sensitive to yields as their value rests heavily on earnings years into the future, which are discounted more deeply when expectations of interest rate h…

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