Nasdaq futures fall 2% as tech sell-off resumes

© Reuters. The facade of the NYSE can be seen in New York

(Reuters) – Futures, which track the 2% decline on Tuesday, on the first full day of trading after SoftBank made significant option purchases during a Wall Street rally since a coronavirus crash in March, according to a report.

SoftBank spent around $ 10 billion buying stocks, and sources told Reuters that it had bought more derivatives on U.S. stocks. The Financial Times reported on these derivative purchases for the first time on Friday.

The Tech Street-sponsored rally on Wall Street halted last week and the Nasdaq fell 3.3% in its worst week since the peak of the March pandemic sell-off. The S&P 500 () benchmark fell 2.3% and had a five-week winning streak.

At 6:01 a.m. ET, the S&P 500 E-Minis fell 271.75 points or 2.35%, 20.75 points or 0.61%, and 10 points or 0.04%.

Tesla Inc (O 🙂 slumped 11% in premarket trading after the electric car maker was banned from a group of companies added to the S&P 500.

(The story corrects the day in the first paragraph to Tuesday from Monday)

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