Stock futures sank Tuesday as more investors looked to sell off their tech stocks as inflation concerns rose. According to data from Bank of America, mentions of inflation have increased nearly 800% year-over-year in quarterly earnings calls and reports. While many focus on the fear of inflation, gold prices are holding steady. Even though gold extended higher, strategists say the precious metal is not untouched by inflation, adding that it is struggling to continue building momentum due partly to inflation concerns.


Fox Business/Jonathan Garber
Stock futures slide as inflation worries mount

U.S. stock futures were under pressure Tuesday morning as the sell-off in technology and growth stocks continued on inflation concerns.

Nasdaq 100 futures were trading lower by 1.32% while S&P 500 futures and Dow futures were weaker by 0.41% and 0.44%, respectively. All three of the major averages declined Monday with both the S&P 500 and the Dow slipping off record highs as the tech-heavy Nasdaq lost more than 2.5%.

The latest report on consumer prices is due out Wednesday.

In stocks, mega-cap technology stocks including Alphabet Inc., Amazon Inc., Apple Inc., Facebook Inc. and Microsoft Corp. all fell by more than 1% in early trading.

Those companies are teaming up with chipmakers including Advanced Micro Devices Inc., Intel Corp. and Nvidia Corp. to form a new lobbying group seeking chip manufacturing subsidies amid the global shortage.

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Reuters via CNBC/Shreyansi Singh
Gold holds steady as focus shifts to U.S. inflation data

Gold prices held steady on Tuesday as investors awaited U.S. consumer price data due later this week to measure whether inflationary pressure is building, with a weaker dollar and a pullback in Treasury yields supporting the metal.

Spot gold was unchanged at $1,835.41 per ounce by 0341 GMT, after hitting its highest since Feb. 11 at $1,845.06 on Monday.

U.S. gold futures were little changed at $1,836.90 per ounce.

“Although gold extended higher earlier today, it’s struggling to continue building momentum and part of that is concern about inflation… it isn’t a given that those job numbers mean that the Fed won’t act,” DailyFX currency strategist Ilya Spivak said.

There is significant resistance for gold within the $1,855-$1,875 area, while support is around the $1,800 level, Spivak said.

Benchmark U.S. 10-year Treasury yields were pinned below 1.6%, reducing the opportunity cost of holding non-yielding gold.

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