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S&P 500, Nasdaq futures rebound after selloff

Credit: REUTERS/CARLO ALLEGRI

Futures tracking the S&P 500 and Nasdaq indexes bounced on Tuesday, with beaten-down shares of technology-related companies leading early gains, while Dow futures were subdued on uncertainty over more U.S. fiscal stimulus.

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Futures: Dow flat, S&P 500 up 0.21%, Nasdaq up 0.74%

Sept 22 (Reuters) - Futures tracking the S&P 500 and Nasdaq indexes bounced on Tuesday, with beaten-down shares of technology-related companies leading early gains, while Dow futures were subdued on uncertainty over more U.S. fiscal stimulus.

All three of Wall Street's main indexes started the week on the back foot as worries about new lockdowns in Europe and a stalemate in Congress over the size and shape of another coronavirus-response bill dented hopes of a swift economic recovery.

The S&P 500 .SPX closed down just under 9% on Monday from hitting a record high on Sept. 2, floating just above correction territory.

The growth-linked technology sector .SPLRCT was the only one to post gains in the previous session, while value-oriented sectors such as industrials .SPLRCI, energy .SPNY and financials .SPSY tumbled about 3%.

Early premarket gainers on Tuesday included Microsoft Corp MSFT.O, Apple Inc AAPL.O, Amazon.com Inc AMZN.O, Alphabet Inc GOOGL.O and Facebook Inc FB.O, all of which have dominated Wall Street's rally since a coronavirus-driven crash in March.

At 6:37 a.m. ET, Dow e-minis 1YMcv1 were down 5 points, or 0.02%. S&P 500 e-minis EScv1 were up 7 points, or 0.21% and Nasdaq 100 e-minis NQcv1 were up 81.5 points, or 0.74%.

Tesla Inc TSLA.O fell 3.4% after Chief Executive Officer Elon Musk warned about the difficulties of speeding up production as an expert cautioned the carmaker's increased reliance on large-scale aluminium parts could bring new manufacturing challenges.

Oracle Corp ORCL.N shed 1.2% on report that Beijing was unlikely to approve a proposed deal by the software maker and Walmart WMT.N for ByteDance's TikTok.

Carnival Corp CCL.N lost 1% after the cruise operator announced sale of its two Princess Cruises ships - Sun Princess and Sea Princess - to undisclosed buyers.

(Reporting by Shreyashi Sanyal and Devik Jain in Bengaluru; Editing by Anil D'Silva)

((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961 144 3740; Twitter: https://twitter.com/s_shreyashi;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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