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Moderna ( MRNA ) slides after cutting 2025 sales forecast

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Chip stocks fall as US tightens grip on AI chip flows

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Futures off: Dow 0.25%, S&P 500 0.77%, Nasdaq 1.16%

(Updates with analyst comment)

By Johann M Cherian and Sukriti Gupta

Jan 13 (Reuters) - U.S. stock index futures fell on

Monday as yields surged after robust payroll numbers last week

bolstered expectations that the Federal Reserve will maintain a

hawkish stance for most of 2025.

At 07:21 a.m. ET, Dow E-minis were down 107 points,

or 0.25%, S&P 500 E-minis were down 45.25 points, or

0.77% and Nasdaq 100 E-minis were down 243.25 points, or

1.16%.

Futures tracking the domestically sensitive Russell 2000

index declined 1.1% to their lowest since September

2024. The index fell more than 2% into correction

territory on Friday, when the payroll numbers were released,

from the intraday high it had touched in late November.

Wall Street's fear gauge hit a more than three-week

high on Monday.

Wall Street's main indexes logged their second consecutive

week of declines in the previous session after multiple

better-than-expected reports, including one on employment and

another on services activity, raised expectations that inflation

could be running high in the world's largest economy.

Investors also priced in the likelihood that the incoming

Donald Trump administration's policies - such as tariffs and a

clampdown on illegal immigration - could threaten global trade

and fuel price pressures at a time when the U.S. Federal Reserve

has also signaled a cloudy outlook for monetary policy. Trump is

expected to take office on Jan. 20.

After an initial spike, yields on longer-dated Treasury

bonds are pinned at multi-month highs.

Interest-rate futures are now reflecting just 26 basis

points worth of cuts by December this year, according to data

compiled by LSEG.

"The robust labour market, along with the recent pickup in

inflation, are both making it difficult for the Federal Reserve

to justify further rate cuts," David Morrison, senior market

analyst at Trade Nation said in a note.

"Inflation had already started to creep up again, even

as the Fed cut rates by a bumper 50 basis points in September -

something that looks like a serious policy mistake, compounded

by additional cuts in November and December," Morrison said.

The Consumer Price Index figure and the central bank's Beige

Book on economic activity, both due on Wednesday, could help

investors gauge the central bank's policy outlook.

The risk-off stance hit megacaps, which have led much of the

rally in U.S. stocks over the last two years. Tesla

slid 2.9%, Amazon.com ( AMZN ) dropped 0.9% and Alphabet

lost 0.6% in premarket trading.

Chip stocks such as Nvidia ( NVDA ) dropped 3.1%, Advanced

Micro Devices ( AMD ) fell 1.7% and Broadcom ( AVGO ) lost 2.5%

after the U.S. government said it would further restrict

artificial-intelligence chip and technology exports.

Among others, Moderna ( MRNA ) slid 17% after cutting its

2025 sales forecast by $1 billion, hurt by the slow launch of

its respiratory syncytial virus shot and weak demand for

COVID-19 vaccines.

Major lenders JPMorgan Chase & Co ( JPM ), Wells Fargo ( WFC )

, Goldman Sachs ( GS ) and Citigroup ( C/PN ) are due to

report earnings on Wednesday.