By Oliver Gray
Investing.com - U.S. stock futures remained little changed in overnight trading Tuesday after major benchmark averages declined during the regular session as comments from Federal Reserve Governor Lael Brainard highlighted the possibility of aggressive monetary policy tightening, noting that a swift reduction of the central bank’s balance sheet could begin as soon as May.
During Tuesday’s normal trade, the Dow Jones Industrial Average fell 280.7 points, or 0.8%, to 34,641.18, the S&P 500 lost 57.52 points, or 1.26%, to 4,525.12 and the NASDAQ Composite dropped 328.39 points, or 2.26%, to 14,204.17.
Among stocks, technology companies retreated as bond yields pushed higher. Block Inc (NYSE: SQ ) lost 6.4%, Amazon.com Inc (NASDAQ: AMZN ) dipped 2.6%, Alphabet Inc (NASDAQ: GOOGL ) fell 1.7% and NVIDIA Corporation (NASDAQ: NVDA ) dropped 5.2%.
Major financial players also finished lower as JPMorgan Chase & Co (NYSE: JPM ) dipped 1.9%, Citizens Financial Group Inc (NYSE: CFG ) lost 1.2%, Bank of America Corp (NYSE: BAC ) fell 1.7% and Citigroup Inc (NYSE: C ) dipped 2.3%.
Meantime, market participants continue to monitor the evolving conflict in Ukraine as President Volodomyr Zelenskiy told the U.N. Security Council on Tuesday that Russia must be held accountable over allegations of war atrocities.
The US Dollar Index also rose to fresh 2-year highs of 99.48.
Ahead in the session, investors are bracing for new details about the Fed’s plan to reduce its balance sheet, with minutes from the Fed’s latest meeting slated for release Wednesday afternoon.
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