(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)
* Futures: Dow down 0.24%, S&P up 0.04%, Nasdaq rises 0.83%
By Medha Singh
March 22 (Reuters) - Futures tracking the S&P 500 and the Nasdaq rose on Monday, with heavyweight technology stocks set to rebound after a surge in bond yields in recent weeks sparked a flight from richly valued equities.
A sharp run up in Treasury yields since mid-February has dictated the course of equities trading, while weighing on high-growth tech stocks, whose valuations look stretched.
Futures tied to the tech-heavy Nasdaq 100 climbed about 0.9% to start the week. The index .NDX is still down more than 6% from its Feb. 12 record closing high.
Kansas City Southern (NYSE: KSU ) KSU.N jumped about 17% after Canadian Pacific Railway Ltd CP.TO agreed to acquire the railroad operator in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada. 06:34 a.m. ET, Dow E-minis 1YMcv1 were down 79 points, or 0.24%, S&P 500 E-minis EScv1 were up 1.75 points, or 0.04% and Nasdaq 100 E-minis NQcv1 were up 106.75 points, or 0.83%.
Big U.S. lenders including Goldman Sachs (NYSE: GS ) GS.N , Citigroup (NYSE: C ) C.N and Bank of America (NYSE: BAC ) BAC.N , which have enjoyed a rally on brightening economic prospects, slipped about 1% each.
The iShares MSCI Turkey ETF TUR.O sank about 19% as President Tayyip Erdogan's decision to oust a hawkish central bank governor sparked fears of a reversal of recent rate hikes.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.