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Dow Futures 220 Pts Higher; Big Tech in Focus as Biden Revives Net Neutrality

Stock MarketsJul 09, 2021 07:18AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening largely higher Friday, attempting to rebound from the previous session’s losses although weakness in Big Tech could weigh following a report that the Biden administration is to look to reinstate Obama-era rules on net neutrality.

At 7:15 AM ET (1115 GMT), the Dow Futures contract was up 220 points, or 0.7%, S&P 500 Futures traded 17 points, or 0.4%, higher, while Nasdaq 100 Futures was marginally lower.

The broad-based S&P 500 closed Thursday 0.9% lower, the Dow Jones Industrial Average dropped over 250 points, or 0.8%, and the technology-heavy Nasdaq Composite fell 0.7%. 

Axios, an American news website, reported Friday that President Joe Biden will push the Federal Communications Commission to reinstate rules on 'Net Neutrality' that had been scrapped by President Donald Trump. This would form part of an initiative aimed at enhancing competition in many sectors across the economy. Trump's reforms had been welcomed at the time by both content providers and broadband operators.

This comes as concerns grow about the impact of the Covid-19 virus, and particularly the delta strain, on global economic growth. For example, May GDP grew 0.8% in the U.K. on the month, a sharp slowdown from the 2.0% gain the previous month, which in itself was revised lower. 

San Francisco President Mary Daly warned on Friday in an interview with the Financial Times of the danger of assuming the pandemic was over, while the Centers for Disease Control and Prevention stated earlier this week that the delta variant was now the dominant coronavirus strain in the United States.

There was some good news on the subject, as Pfizer (NYSE:PFE), along with partner BioNTech (NASDAQ:BNTX), announced late Thursday that they plan to apply shortly for emergency use authorization for a booster shot to their Covid-19 vaccine, while also starting work on an updated version of their virus to tackle new variants.

Elsewhere, oil prices edged higher, boosted by the U.S. Energy Information Administration reporting Thursday a drop in the country's crude inventories of just under 7 million barrels. The official body also stated that fuel demand soared to 10 million barrels a day in the week before the July 4 national holiday.

Also of note Friday will be the release of the Baker Hughes total of working U.S. oil rigs as well as the CFTC crude oil net speculative positions

At 7:15 AM ET, U.S. crude futures traded 1.2% higher at $73.78 a barrel, while the Brent contract rose 0.8% to $74.73.

Additionally, gold futures was flat at $1,800.10/oz, while EUR/USD traded 0.2% higher at 1.1862.

 

Dow Futures 220 Pts Higher; Big Tech in Focus as Biden Revives Net Neutrality
 

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Comments (5)
Tony Huynh
Tony Huynh Jul 09, 2021 8:40AM ET
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So many bears angry in here. Look like all of you guys fall for the bear trap yesterday lol
Rosh Jardine
RoshJardine Jul 09, 2021 8:40AM ET
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Yesterday was not a bear trap but rather a warning to big investors to start distribution phase and move to more less volatile asset without crashing the market..keep buying if you believe your analysis is trueu
Rosh Jardine
RoshJardine Jul 09, 2021 8:33AM ET
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When many economist literatures and financial investment literatures are proven wrong..lmao..call this quantitative feeding policy
Cabduqadir Cismaan
Cabduqadir Cismaan Jul 09, 2021 8:33AM ET
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4562349
Cali Cartel
Cali Cartel Jul 09, 2021 8:28AM ET
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Go wrtie some/thing else du/m/b as/s
Stan Smith
Stan Smith Jul 09, 2021 8:27AM ET
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Phew...so inflation has gone away, rate hikes are imminent and tapering is to be a thing of the past.. The real economy has begun!!! WTVR, this crash will make the 1929 look like a kiddy coaster
Jon Bal
Jon Bal Jul 09, 2021 8:27AM ET
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"too big to fail" was the mantra back in '06. it will make a comeback
Mitchel Pioneer
Mitchel Pioneer Jul 09, 2021 8:19AM ET
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Isn't that nice.  A loss halved by the close yesterday, and today, the rest will miraculously vanish into thin air.  One after another, losses are reversed the day after they occur.  Welcome to FRAUDULENT Friday in the US Ponzi Scheme, greatest financial fraud in history, and biggest investment joke in the world, as it prepares to send America into another weekend with a financial knife in their back.
Alb Gio
Alb Gio Jul 09, 2021 8:19AM ET
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I absolutely agree. At the beginning everyone was about a fabulous market resilience, then everyone was all about a never seen before market liquidity, now it's becoming a way too dangerous situation with millions of families which are thinking to spend and invest more for a safe retirement and once this bubble will explode and it will, they will all become homeless overnight. But govt wins always. It is a HUGE RED FLAG but hey.... You raised concern and i added mine so someone at least advised and talked about it... GL and be Happy!
 
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