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Dow Jones Futures: Janet Yellen Walks Back Rate Hike Warning; Split Market Rally Returns As Apple, Nvidia Lead Tech Sell-Off

Posted Date: May 05 2021
Dow Jones futures and S&P 500 futures rose modestly early Wednesday, while Nasdaq futures climbed solidly. The stock market rally technically was mixed Tuesday, but tech stocks suffered significant losses. Treasury Secretary Janet Yellen late Tuesday walked back earlier comments when she said interest rates may have to rise "somewhat."
The Nasdaq tumbled intraday Tuesday to its 50-day line while the Russell 2000 closed right at that key level. Trillion-dollars stocks Apple (AAPL), Amazon.com (AMZN), Microsoft (MSFT) and Google parent Alphabet (GOOGL) sold off. So did Nvidia (NVDA) and other chip names. ServiceNow (NOW), Adobe (ADBE) and other software plays fell, as did Tesla (TSLA) and other EV makers.
On the upside, steel and mining stocks such as Steel Dynamics (STLD) generally did well. Agricultural, transportation, housing and retail groups generally held up, along with oil groups and financials such as Goldman Sachs (GS).

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