I wonder if internet stocks can hold onto their lofty prices.
"CHICAGO, May 21 (Reuters) - U.S. stock index futures closed mixed, with the beleaguered tech-rich Nasdaq composite once again pressuring Standard & Poor's 500s in an otherwise lackluster day of activity, traders and analysts said.
''This Nasdaq is struggling again, and so many Internet stocks are in the S&Ps that it's acting as a drag,'' said Kurt Schultz, an equity index strategist at High-Yield Analytics Inc.
June S&Ps edged down to 1,329, near the weekly low of 1,325.10, on light profit-taking. Traders had mixed outlooks on the
market going into next week.
Some analysts said they expect June S&Ps to retest the contract high of 1,382, which also represents the upper end of the
contract's five-week range, while others said the contract was headed for more declines.
''We are due for more weakness,'' Schultz said. ''I'd be a little nervous about holding longs.''
Most agreed that the recent selloff in June S&Ps has been fairly well contained. The contract has not broken below its
five-week low of 1,290.50 set on April 19.
But the mixed opinion on the near-term direction of S&Ps stems from diverging outlooks on the U.S. interest rate front. "
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