For the second day, US equity futures traded in a narrow range, dipping during the muted Asian session where markets in Japan, China and Thailand remained closed on Tuesday, but then rebounding as Europe came online to trade mostly unchanged as investors continued to move out of megacap growth stocks amid fears of rising inflation and into companies that are expected to benefit more from the reopening of economies. At 715 a.m. ET, Dow e-minis were up 17 points, or 0.06%, S&P 500 e-minis were down 4.00 points, or 0.1%, and Nasdaq 100 e-minis were down 42 points, or 0.30%. The dollar jumped, while Treasuries dropped along with most European bonds. Ethereum extended its surge to set another record as larger rival Bitcoin slipped.
Nasdaq 100 Index traded down 0.4% a day after tech giants such as Tesla and Amazon.com dragged the underlying index lower on signs of quickening inflation. Tech shares were also the biggest laggards in the Stoxx Europe 600 Index, with semiconductor firm Infineon Technologies AG slumping as much as 5%. In contrast, cyclical shares such as miners and travel stocks helped power the European benchmark as a gauge of commodity prices hovered at the highest level since 2012.