Nasdaq futures fall 2% as tech sell-off resumes

(Reuters) – Futures tracking the Nasdaq 100 index NQcv1 fell 2% on Monday, on the first full trading day after a report said SoftBank made significant option purchases during a Wall Street rally since a coronavirus-driven crash in March.

SoftBank spent roughly $10 billion buying shares and sources told Reuters it has spent more buying derivatives in U.S. stocks. The Financial Times first reported on these derivative purchases on Friday.

Wall Street’s tech-fueled rally halted last week, with the Nasdaq plunging 3.3% in its worst week since the height of the pandemic-linked sell-off in March. The benchmark S&P 500 .SPX ended 2.3% lower, snapping a five-week winning streak.

At 6:01 a.m. ET, Nasdaq 100 e-minis NQcv1 were down 271.75 points, or 2.35%, S&P 500 e-minis EScv1 were down 20.75 points, or 0.61% and Dow e-minis 1YMcv1 were up 10 points, or 0.04%.

Tesla Inc (TSLA.O) slumped 11% in premarket trading after the electric-car maker was excluded from a group of companies being added to the S&P 500.

Source: Read Full Article