From the Wall Street Journal’s “Stock Futures Tread Water After Selloff; Oil Rally Builds” posted early Tuesday:
U.S. stock futures paused, a day after a selloff among some of America’s biggest technology firms dragged down broader indexes, while investors also contended with surging energy prices.
Behind a big chunk of the recent declines: losses for some of America’s biggest tech firms. Major tech stocks are especially sensitive to changes in bond yields, which affect the values that investors ascribe to far-off future profits.
Those falls took a breather early Tuesday. Facebook shares were up 1.3% in premarket trading, a day after an outage shut down its social media and messaging platforms. Facebook whistleblower Frances Haugen is set to testify before Congress on Tuesday.
My take: Monday felt like a buying opportunity to me. Max pain has drifted down to $144.