Tech surge puts Nasdaq on course for record open


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 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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