Stock futures trade lower following tech rally

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U.S. equity futures traded modestly lower on Wednesday morning, the day after a Wall Street rally led by technology companies, although investors remain concerned about the war in Ukraine and inflation.

The major futures indexes suggest a decline of 0.2% when the opening bell rings.

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Investors were also closely watching what might happen with President Biden joining a NATO meeting and EU Summit Thursday in Europe, where sanctions and the Russian oil embargo will likely top the agenda.

U.S. West Texas Intermediate (WTI) crude futures rose $1.02, or 0.9%, to $110.27 a barrel, after losing 36 cents in the previous session.

Brent futures climbed $1.22, or 1%, to $116.70 a barrel, after falling 14 cents.

FILE PHOTO: Pump Jacks are seen at sunrise near Bakersfield, California. (REUTERS/Lucy Nicholson/File Photo / Reuters Photos)

The yield on the 10-year Treasury climbed Wednesday to 2.39% from 2.30% late Monday. The yield, which influences interest rates on mortgages and other consumer loans, was at 2.14% late Friday.

Traders will study fresh housing data. The Census Bureau is expected to say that sales of new single-family homes rose 1.1% to a seasonally adjusted annual rate of 810,000 in February. That’s up from 801,000 in January, when sales fell more than expected as rising mortgage rates and higher prices kept some first-time homebuyers out of the market.

FILE – A home sits for sale in Geneva, Illinois. (REUTERS/Jeff Haynes  / Reuters Photos)

In Europe, London's FTSE added 0.4%, Germany's DAX gained 0.2% and France's CAC was up 0.2%.

In Asia, Japan’s benchmark Nikkei 225 surged 3.0%, Hong Kong’s Hang Seng jumped 1.2% and China's Shanghai Composite rose 0.3%.

Chinese network equipment maker ZTE Corp's shares soared nearly 27% after the company said a U.S. judge had allowed a probation period to end after the company was nearly destroyed in a clash with Washington over its dealings with Iran and North Korea.

Bitcoin traded around $42,000.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34807.46+254.47+0.74%
SP500S&P 5004511.61+50.43+1.13%
I:COMPNASDAQ COMPOSITE INDEX14108.817117+270.36+1.95%

On Tuesday, the S&P 500 rose 1.1% to 4,511.61, with more than 70% of stocks in the benchmark index notching gains. The Dow Jones Industrial Average gained 0.7% to 34,807.46. The tech-heavy Nasdaq rose 2% to 14,108.82.

GameStop shares rose another 16% in after-hours trading, following a session that saw shares surge more than 30%. The videogame retailer’s chairman, Ryan Cohen, disclosed that his firm bought 100,000 shares of the company’s stock on Tuesday.

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Investors will soon start readying for the next round of corporate earnings reports as the current quarter nears its close at the end of March, and that could provide a clearer picture of how industries continue handling rising costs.

The Associated Press contributed to this report.

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