Today, the price of US futures fell in line with European stocks as investors continued to switch from pandemic winners like technology to sectors poised to benefit from the economic recovery.
By contrast, mining and cyclical bank stocks were among the top gainers in the benchmark as the commodity price indicator was at its highest level since 2012. Dow Industrial Average futures also performed better.
Major US banks such as Goldman Sachs Group Inc and Wells Fargo & Co added 0.7% and 0.4%, respectively, while manufacturing Boeing Co and major oil company Chevron Corp gained 0.8% each. …
Abundant stimulus measures, early vaccination campaigns and adaptive policies from the Federal Reserve have sparked a strong recovery in the US economy and pushed Wall Street to record heights this year. However, the so-called “pandemic winners” have recently begun to lose popularity.
While tech companies in metropolitan areas have been a major part of stable portfolios throughout the pandemic, care must be taken not to reallocate resources to this part of the market, ”wrote Mark Hefele, chief investment officer at UBS Global Wealth Management. in the customer note.
“With growth accelerating, we continue to favor cyclical and value-based sectors such as finance and energy.”
At 6:36 am ET, the Dow e-minis is up 22 points, or 0.06%, the S&P 500 e-minis is down 3.25 points, or 0.08%, and the Nasdaq 100 e-minis decreased by 47 points, or 0.34%.