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Stock futures steady as tech wreck looks to ease

Posted by: Admin | Posted on: June 16th, 2017 | 0 Comments

U.S. stock index futures edged up on Friday as technology shares steadied after being repeatedly slammed this week over concerns about stretched valuations.

Technology stocks, including those of Apple (AAPL.O), Microsoft (MSFT.O) and Facebook (FB.O), were slightly higher in premarket trading as investors likely hunted for bargains.

The SP 500 technology sector, which had surged 17.4 percent in 2017, is on track for its biggest weekly decline since June last year.

Oil prices were also seeing a rebound, rising about 0.6 percent on Friday after hitting their lowest this year amid oversupply worries. [O/R]

Investors will keep a close watch on comments from Dallas Federal Reserve President Robert Kaplan, who is the first Fed member to speak after the central bank raised interest rates on Wednesday. Kaplan is scheduled to speak in Dallas at 12:45 p.m. ET (1645 GMT).

Economic data on tap includes the University of Michigan’s consumer sentiment survey report due at 10:00 a.m. ET.

Shares of Dow component Nike (NKE.N) were down about 1 percent after JPMorgan downgraded the stock to “neutral” from “overweight”. Snapchat owner Snap Inc (SNAP.N) shares were up about 1.8 percent, a day after they fell below their initial public offering price.

(Reporting by Yashaswini Swamynathan in Bengaluru; additional reporting by Sruthi Shankar; Editing by Anil D’Silva)

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