U.S. futures steady ahead of big-tech earnings

U.S. futures were mixed on Monday as traders geared for a string of earnings reports from technology heavyweights including Facebook Inc., while keeping in mind inflation concerns and rising COVID-19 risks.

U.S. futures were mixed on Monday as traders geared for a string of earnings reports from technology heavyweights including Facebook Inc., while keeping in mind inflation concerns and rising COVID-19 risks.

Futures on the Nasdaq 100 edged higher, while contracts on the S&P 500 were little changed. The five largest U.S. technology companies are set to report earnings in coming days, starting with Facebook on Monday. PayPal Holdings Inc. surged in pre-market trading after the company said it isn’t pursuing an acquisition of Pinterest Inc., ending days of speculation over a potential US$45 billion deal. Pinterest dropped.

The 10-year U.S. Treasury yield rose and the dollar was steady after Federal Reserve Chair Jerome Powell flagged that inflation could stay higher for longer, fueling investor concern that sticky price increases may force policy makers to raise borrowing costs.

The Stoxx Europe 600 index was little changed. The basic-resources sector advanced as crude oil and metals extended gains, while banks rose on HSBC Holdings Plc’s bright outlook. Spain’s Banco de Sabadell SA jumped more than 5 per cent after rejecting an offer for its U.K. unit. Telecoms and industrials were the biggest losers.

Equities dipped in Japan and were mixed in China, where the central bank boosted a daily liquidity injection and officials expanded a property-tax trial. Signs that it would take at least five years before authorities impose any nationwide property tax bolstered some industrial metals.