The S&P 500 futures were higher even after a losing week on Wall Street as investors dumped equities due to concerns over the new omicron Covid variant and the Federal Reserve's move to tighten policy.
The underperformer on Sunday was the stock futures of the tech-laden exchange.
The futures contracts tied to the Industrial Average gained some ground. S&P 500 futures were higher. The flatline was where the futures of the 100 were located.
The S&P 500 fell on Friday. The underperformer was the Nasdaq.
The electric vehicle company was the biggest drag on the tech-laden Nasdaq Friday.
All of the fund's holdings are in a bear market, apart from two stocks. Teladoc Health, Zoom Video, Roku, Palantir, and Twilio are some of the names that have suffered steep losses.
The price of technology stocks dropped while the price of thecryptocurrencies dropped. On Friday, it was worth $57,000, but by Saturday it was worth only $43,000. By Sunday, the world's largest coin had regained some of its lost value, but it was still below the $50,000 level.
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Friday's broad market selling was caused by slower-than- expected job growth. The Labor Department said Friday that nonfarm payrolls increased by 210,000 last month, which was less than the 573,000 number that economists were expecting.
The softer payrolls print pulled the rug out from under the risk sentiment, according to a note to clients. The yield on the 10-year Treasury fell to the lowest level in over a month as investors fled to safety.
The unemployment rate was lower than expected. The economists had predicted a reading of 4.5%.
The job growth number is disappointing, no doubt, especially considering the survey period fell before we even know the name of the newest Covid-19 variant. He said that they remain confident in their expectation for strong job gains and above-average growth in the U.S. economy in 2022, even though Omicron may curb hiring a bit over the next month or two.
The major averages had a volatile week as investors evaluated new information about the omicron variant.
The major averages all finished the week in the red, with the Dow recording its fourth straight negative week. The S&P and the Nasdaq were both down for the second week in a row.
The Russell 2000 fell 3.86% for the week.
Bank of America said in a note to clients that they are still bullish on small caps despite their forecast for a flat year for the S&P 500. The firm said that small caps are more exposed to the services spending recovery and are cheaper than large caps.
Bank of America said the potential upside for small caps depends on Covid cases staying under control.
The omicron variant has been found in at least 15 states.
We are following several dozen cases closely. She said on "This Week" that the number of probable cases is likely to rise.
