May 26, 2021:-U.S. stock futures were slightly higher in early morning trading on Tuesday following an intense session led by technology shares and reopening plays. Dow futures increased by 90 points. Futures on the S&P 500 increased by 0.3%, pointing to the gains of the second day for the major benchmark, which has stalled out late. Nasdaq 100 futures rose up to 0.5%.
On Monday, Bitcoin’s recent rout, which has hit tech stocks like Tesla and dented overall investor sentiment, stabilized. On Tuesday, the cryptocurrency was back near $38,000 early after falling under $32,000 on Sunday. Crypto prices rebounded as Elon Musk says that he was having discussions with bitcoin minders regarding sustainability.
Tesla, a significant holder of bitcoin, was higher by about 1% in premarket trading. Crypto-exchange Coinbase increased by 1.7%, with the shares also getting a boost from a JPMorgan buy call.
Big Tech shares Facebook, Amazon, Apple, Microsoft, Netflix, Nvidia, and Alphabet, were all higher in early trading.
There were broad gains in premarket trading. Airlines, cruise lines, and Boeing were also higher.
On Monday, the major averages increased, led by tech stocks and companies that benefit from a vital reopening from the pandemic. Covid cases drop to their lowest level from June. The Dow Jones Industrial Average rose 186 points, helped by gains in Microsoft, Salesforce, and Cisco.
The S&P 500 increased by 1%. The Nasdaq Composite was the relative outperformer, jumped 1.4% as Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet posted gains. The small-cap benchmark Russell 2000 increased by 0.5%.
Monday “was driven by inflation anxiety relief,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Evidence that inflation fears were calming in the bond and commodity markets start to drive the stock market late last week and has continued into today.”
“Growth stocks including technology have regained leadership as yield and inflation fears ease,” Paulsen added.
After Monday’s gain, the S&P 500 is now in the green for May. The S&P 500 is down only about 1% from its record hit earlier this month before a pullback.
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