US STOCKS-Nasdaq Futures at Record High as Economic Concerns Boost Tech Demand

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* Futures: Dow down 0.40%, S&P down 0.12%, Nasdaq up 0.41%

By Ambar Warrick and Devik Jain

Nov. 19 (Reuters) – Futures on the Nasdaq index hit an all-time high on Friday as investors sought economically stable sectors after a small delay in voting on the $ 1.75 trillion spending bill dollars from President Joe Biden, while the increase in COVID-19 cases in Europe has also rattled sentiment.

S&P and Dow futures fell, following losses from banks, airlines and other economically sensitive sectors. The uncertainty about rising inflation and the Federal Reserve’s tightening also kept demand for value stocks low.

On Friday morning, the US House of Representatives delayed an early vote on passing Biden’s social programs and the climate change investment bill, and will meet again at 8:00 a.m. EST (1:00 p.m. GMT) to complete the legislation.

In Europe, the increase in COVID-19 cases has seen Austria present plans for a full lockdown, while Germany could follow suit amid a new wave of infections.

Shares of Alphabet Inc, and Microsoft Corp – stocks that have largely withstood economic shocks since 2020, rose 0.3% to 0.5% in pre-market trading.

Chipmaker Nvidia also boosted Nasdaq futures, rising 1.7% in intense trading after posting strong quarterly results on Wednesday night.

In contrast, carriers Delta Air Lines, United Airlines and American Airlines, and cruise lines Norwegian Cruise Line and Carnival Corp fell between 1.4% and 2.3%.

Oil companies Exxon Mobil and Chevron Corp fell 2.1% and 1.8% as crude prices fell, while major banks including JPMorgan Chase & Co and Bank of America fell 0, 9% to 1.1%, following a decline in US Treasury yields.

As of 6:26 a.m. ET, Dow e-minis were down 145 points, or 0.4%. S&P 500 e-minis were down 5.75 points, or 0.12%, and Nasdaq 100 e-minis were up 68 points, or 0.41%.

The S&P 500 and Nasdaq hit record highs on Thursday after strong tech and retail earnings. Both indices were heading for moderate weekly gains, as the Dow Jones was pegged for a second straight week of losses.

Among the major pre-market players, Intuit Inc jumped 10.3% as brokerages raised their price targets on the income tax software company after beating quarterly estimates and upping forecasts. The stock was the first S&P 500 winner in pre-market trading.

Applied Materials Inc fell 5.7% after the chipmaker forecasted first quarter sales and profits below market estimates on supply chain issues. (Reporting by Ambar Warrick in Bangalore; Editing by Maju Samuel)

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