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U.S. equity futures moved firmly lower in early Tuesday trading, while the dollar held onto gains against its global peers, as markets looked to a key speech from Federal Reserve Chairman Jerome Powell as well as the first of a series of labor market data releases later in the session.
Stocks ended higher on Monday, powered largely by gains in megacap tech stocks which were able to shrug-off a sharp drop in Treasury bond prices that lifted 10-year note yields to the highest levels in more than a month.
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Benchmark 10-year yields were last checked at 4.459%, with 2-year notes pegged at 4.762%, heading into Powell’s speech at the European Central Bank’s traditional summer forum in Portugal, which is expected to start at around 9:30 am Eastern time.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.12% higher at 106.034.
The Labor Department will also release its Job Openings and Labor Market Turnover report, better-known as Jolts, at 10:00 am Eastern, with economists looking for an overall tally of around 7.96 million.
Federal Reserve Chairman Jerome Powell will speak today at the ECB’s annual summer central banking forum in Sintra, Portugal.
On Wall Street, stocks are looking at a firmly lower open, thanks in part to the ongoing rise in Treasury yields, with futures contracts tied to the S&P 500 suggesting a 23 points opening bell decline.
Futures linked to the Dow Jones Industrial Average suggest a 130 point pullback, with the Nasdaq called 98 points lower to start the Tuesday session.
Tesla (TSLA) shares were marked 1.5% lower in premarket trading at $209.86 each, following a big 6% gain yesterday, as investors awaited details of the carmaker’s second quarter delivery figures due prior to the opening bell.
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Nvidia (NVDA) shares were also on the back foot, falling 1.3% to $122.74 each, with Microsoft (MSFT) , Apple (AAPL) and Alphabet (GOOGL) all trading in the red.
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In overseas markets, Europe’s Stoxx 600 slipped 0.56% following June inflation data that showed only a modest easing in consumer price pressures last month, as well as a steady reading of 2.9% for core inflation, that added fuel to hawkish comments from ECB President Christine Lagarde on Monday.
Britain’s FTSE 100, meanwhile, was last seen 0.27% lower in London with Thursday’s national elections firmly in focus.
Overnight in Asia, the yen hit a fresh 38-year low of 161.88 against the U.S. dollar, helping the Nikkei 225 rise more than 1.1% in Tokyo and reclaim the 40,000 point mark for the first time in two months.
The region-wide MSCI ex-Japan benchmark, meanwhile, fell 0.58% into the close of trading.
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