Stock market today: Live updates

S&P 500 futures dropped 0.8% while Nasdaq 100 futures shed 1.2%. Futures tied to the Dow Jones Industrial Average lost 150 points, or 0.4%. All three benchmarks are down for the last two weeks with tech shares causing most of the damage.

Palantir and Nvidia, two of the bull market leaders popular with retail investors, shed more than 3% in premarket trading. Nvidia fell nearly 6% last week, and Palantir lost 11%. Other popular tech shares including Tesla, Broadcom, and Micron were down in premarket trading.

Surging bond yields have been one of the catalysts for the sell-off in growth-oriented shares. The 10-year Treasury yield on Monday touched the highest since late 2023.

“With current inflation and inflation expectations elevated and sticky, and with bond yields having risen sharply and quickly, equity investors are starting to become more cautious,” said Katherine Nixon, chief investment officer for wealth management at Northern Trust.

A better-than expected jobs report on Friday spiked yields and sent stocks reeling by casting doubt on further interest rate cuts by the Federal Reserve. The Dow lost 697 points on Friday. The 30-stock Dow and S&P 500 both ended the week 1.9% lower, while the Nasdaq Composite lost 2.3%. All three are now in the red for the young year.

Investors are hoping the start of the fourth-quarter earnings season with stabilize markets. Banks including Citigroup, Goldman Sachs and JPMorgan Chase report on Wednesday, while Morgan Stanley and Bank of America will post results on Thursday.

Data this week includes the December consumer price index on Wednesday morning. Before that, investors will parse wholesale inflation with December’s producer price index report on Tuesday.