Nasdaq futures underperforms as tech stocks continue losses

U.S. stocks were on track to open lower, with technology stocks to continue last week’s slump as investors took a step back to reevaluate their position after a string of strong gains recently.

S&P500 futures fell by 0.6% (21 points), while Dow futures slipped by 0.1% (20 points). Nasdaq Futures saw its worst hit, falling by 2% (230 points).

The tech-heavy Nasdaq has been on the course of its worst week since March after the Financial Times reported that Japan’s Softbank were inflating their options trading stocks. However, analysts are figuring out whether the selloffs are more than a correction after tech took a sharp uptick during the COVID-19 pandemic.

Technology stocks are currently the best options and can continue to gain in the current market, according to Goldman Sachs’ chief global equity strategist, Peter Oppenheimer in a research note on Monday.