Post stimulus progress, Nasdaq futures slide 2% on inflation jitters

Futures tracking the Nasdaq 100 index sank 2% on Monday as the passage of a $1.9 trillion COVID-19 relief package by the U.S. Senate lifted bond yields, pressuring richly valued technology stocks and sparking inflation concerns.

The Senate on Saturday passed the stimulus package - one of the biggest in U.S. history - and President Joe Biden said he hoped for quick passage of the revised bill by the House of Representatives so he could sign it and send $1,400 direct payments to Americans.

Technology-related stocks, including Facebook Inc, Apple Inc and Amazon.com Inc, fell between 1.3% and 3% after bearing the