S&P, NASDAQ Struggle

U.S. stock futures were lower in early Tuesday trading as tech stocks continued to fall sharply in the face of higher interest rates and a rotation into stocks more linked to the economic comeback.

Futures for the Dow Jones Industrials poked higher 16 points, or 0.1%, to 31,482.

Futures for the S&P 500 dipped 14.5 points, or 0.4%, at 3,859.

Futures for the NASDAQ Composite tumbled 181.5 points, or 1.4%, to 13,042.75.

Tesla was down another 6% in pre-market trading Tuesday following a 9% decline on Monday. Apple lost 2% in early trading following a 3% slide on Monday. The iPhone maker’s stock is down 9.4% over the last month through Monday’s close.

The move in futures comes after a Monday session marked by stark differences in the performance of the market’s sectors. The tech-heavy NASDAQ Composite slid 2.5%, while the Dow rose a modest 27 points. Travel stocks, including airlines and cruise lines, rose sharply across the board, but Apple and Tesla declined.

In corporate developments, Facebook reached an agreement with the Australian government and will restore news pages in the country again, just days after restricting them.

Inflation fears have risen in recent weeks as policymakers debate another round of economic relief as COVID cases decline amid the rollout of vaccines. The U.S. surpassed 500,000 deaths from the virus on Monday, according to Johns Hopkins University.

Overseas, in Hong Kong, the Hang Seng index progressed 1%, while in Japan, markets were closed for holiday.

Oil prices gained 47 cents to $62.17 U.S. a barrel.

Gold prices picked up $1.70 to $1,810.10 U.S.