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Futures bounce after tech rout sends Nasdaq into correction

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(Reuters) – Nasdaq futures bounced on Wednesday following a brutal sell-off in heavyweight technology stocks that sent the Nasdaq Composite index into correction territory in just three sessions.

The tech-heavy stock index (IXIC) tumbled 4.1% on Tuesday, bringing total losses since Sept. 2 to 10%, with declines led by stocks such as Amazon.com Inc (O:AMZN), Facebook Inc (O:FB) and Netflix Inc (O:NFLX) after a rally dominated by the so-called “stay-at-home” winners.

Investors were also unnerved by heavy trades in tech stock call options by SoftBank Group Corp (T:9984) during the run up in U.S. equities. A measure of demand for protective put options in relation to call options, used to bet on upside, has risen sharply.

Tesla Inc (O:TSLA) surged 7% in premarket trading after shedding about $80 billion of its market capitalization in the previous session following its surprise exclusion from the S&P 500.

At 5:37 a.m. ET, Nasdaq 100 e-minis were up 196 points, or 1.77%, Dow e-minis were up 140 points, or 0.51%, and S&P 500 e-minis were up 25.75 points, or 0.77%.

Wall Street’s fear gauge (VIX) slipped further away from near three-month highs as stock markets also shrugged off news about AstraZeneca (L:AZN) pausing global trials of its experimental COVID-19 vaccine after an unexplained illness in a participant.

Lululemon Athletica Inc (O:LULU) dropped 4.9% after the yogawear maker forecast a drop in current-quarter adjusted profit due to higher marketing expenses.

Futures bounce after tech rout sends Nasdaq into correction

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