Tech surge puts Nasdaq on course for record open

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The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri

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July 7 (Reuters) – The Nasdaq was set to hit a new high at the open on Wednesday as falling Treasury yields lifted tech-heavy growth stocks, while investors focused on the Federal Reserve’s minutes from the June meeting to gauge the trajectory of policy support going forward.

Yield on the U.S. 10-year notes slipped for the seventh straight session to a new 4-1/2-month low, while mega-cap technology names Facebook Inc (FB.O) Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) gained between 0.5% and 0.8% in premarket trading.

Fast-growing tech stocks are sensitive to yields as their value rests heavily on future earnings, which are discounted more deeply when bond…

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