US equity futures slightly higher ahead of Tuesday’s opening bell

U.S. Equity Futures are up ahead of Tuesday’s Wall Street session.

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$ 34,002.92

-323.54 (-0.94%)

$ 14,255.484815

-311.21 (-2.14%)

A massive sell-off of Facebook stocks and stocks of other big tech companies spilled over into the market, pushing major U.S. indices to steep declines to start the week. Stocks opened with slight declines before losses accelerated rapidly.

The S&P 500 fell 1.3% to 4,300.46. The Dow Jones Industrial Average fell 0.9% to 34,002.92, and the tech-rich Nasdaq fell 2.1% to 14,255.48.

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Small business shares also fell. The Russell 2000 Index lost 1.1% to 2,217.47.

Facebook slipped 4.9% per day after a former employee told “60 Minutes” that the company has always chosen its own interests over the public good. The social network and its Instagram and WhatsApp platforms also suffered a global outage that began around mid-morning US time on Monday.

Apple fell 2.5% and Microsoft 2.1%.

Rising bond yields and energy prices are fueling investor worries about inflation.

The price of U.S. oil hit nearly $ 78 a barrel, its highest level since 2014, as OPEC and allied oil producers stuck to a plan to cautiously increase production even as global demand for crude is increasing.

The yield on the 10-year Treasury bill was held at 1.48%.

Natural gas prices jumped 2.6%. Energy companies have increased along with energy prices. Devon Energy rose 5.3% for the biggest gain in the S&P 500. Marathon Oil climbed 4.1%.

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Investors are increasingly worried about inflation as oil prices rise and companies face supply issues that drive up their costs and force them to raise prices. Wall Street is also worried about the Federal Reserve’s schedule to reduce bond purchases and a possible decision to raise its benchmark interest rate.

Wall Street will get more information on the health of the economy this week. On Tuesday, the Institute for Supply Management will release its service sector index for September. The service sector is the largest part of the economy and its health is a key factor for growth.

The Ministry of Labor will release its employment report for September on Friday. The job market is struggling to fully recover from the damage caused by COVID-19 over a year ago.

Meanwhile, stocks fell in Asia after tech companies generally slipped on Wall Street.

The Tokyo Nikkei fell 3%, while oil prices edged up.

Sino-U.S. Tensions returned to center stage after U.S. Trade Representative Katherine Tai said she plans frank conversations with officials in Beijing over an interim trade deal to resolve a war tariff.

Tai said she did not want to “ignite trade tensions with China.” But his comments suggest a continuation of US policy towards Beijing under President Joe Biden compared to the strategy adopted by his predecessor, Donald Trump.

Speaking to the Center for Strategic and International Studies in Washington, DC, she also said that the United States “must defend our economic interests to the end” and take “whatever steps are necessary to protect us from the waves of damage. inflicted over the years by competition. “

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Shanghai is closed until Friday for a public holiday. But shares fell 0.3% in Hong Kong to 23,989.61, while Tokyo ended the morning down 2.8% to 27,658.31. South Korea’s Kospi fell 2.1% to 2,956.04 and Australia’s S & P / ASX 200 was down 0.8% to 7,218.90.

In Tuesday’s trading in Asia, benchmark US crude rose 35 cents to $ 77.97 a barrel. Brent crude, the standard for international prices, gained 47 cents to $ 81.73 a barrel.

The US dollar rose from 110.93 yen to 111.11 Japanese yen. The euro slipped to $ 1.1608 from $ 1.1618.

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AP Business Writers Damian J. Troise and Alex Veiga contributed.