S&P 500 and Nasdaq set to extend recent losses at open
S&P futures vs fair value: -22.40. Nasdaq futures vs fair value: -221.90. The S&P 500 and Nasdaq are indicated to extend recent losses at the open, while the Dow Jones Industrial Average is indicated to open little changed. Currently, the S&P 500 futures trade 22 points, or 0.6%, below fair value; the Nasdaq 100 futures trade 1.7% below fair value; the Dow futures trade near fair value.Growth and mega-cap stocks remain at the forefront of selling amid continued profit-taking and rotational interest, largely due to the specter of rising rates that make their valuations less appealing versus value/reopening stocks. The 10-yr yield is currently up one basis point to 1.37%. Fed Chair Powell may receive some questions about the recent rise in rates in his semiannual testimony before the Senate Banking Committee today, starting at 10:00 a.m. ET. Separately, Home Depot (HD 268.50, -7.35, -2.7%) is holding back the Dow futures with a 2.7% decline despite reporting better-than-expected earnings results.