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U.S. equity futures edged higher Tuesday, with Treasury bond yields largely unchanged, as investors looked to claw back some of yesterday’s tech-lead declines while eyeing developments in the middle east and a major sell-off in China.
Stocks ended firmly lower on Monday, with the S&P 500 falling just under 1% and the Nasdaq sliding 1.18% as a series of downgrades on big tech names from Wall Street analysts, including Apple (AAPL) , Amazon (AMZN) and Google parent Alphabet (GOOGL) , blunted investor sentiment.
A sharp move higher in Treasury bond yields, as well as a supply-concern rally in oil tied to the ongoing war in the middle east region, added to the session’s downbeat tone, while the benchmark Vix volatility index touched the highest levels since early September.
Focus in Tuesday session is likely to remain tied to the bond market, with a $58 billion auction of new 3-year notes, the first of three coupon sales expected to raise $117 billion this week, expected later today.
Bond markets will be in focus this week as the Treasury looks to sell around $117 billion in new notes, including a benchmark 10-year, over the next three sessions.
Benchmark 10-year note yields were marked at 4.014% heading into the start of the New York trading session, with 2-year notes pegged at 3.965%.
The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, was marked 0.15% lower at 102.384.
On Wall Street, stocks are set for a modest bump at the start of trading, with the S&P 500 priced for an opening bell gain of around 22 points and the Dow Jones Industrial Average called 40 points to the upside.
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The tech-focused Nasdaq, meanwhile, is priced for a 95-point opening bell gain thanks to premarket advances for Nvidia (NVDA) , Tesla (TSLA) and Advanced Micro Devices (AMD) .
Other stocks on the move include Honeywell (HON) , which was marked 2.8% higher following a report from the Wall Street Journal that suggested it could spin off its advanced materials division.
In overseas markets, European stocks remained stuck in the red following yesterday’s weak session on Wall Street and the sell-off in Asia stocks overnight, with the Stoxx 600 marked 0.82% lower in early Frankfurt trading.
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China’s chief economic planner, Zheng Shanjie, briefed reporters in Beijing on the government’s stimulus plans, but provided little detail as to how it would direct the billions in new support it has planned in order to meet aggressive growth targets for the year.
That triggered a big reversal in earlier gains around the region, and although benchmarks in Shanghai and Shenzhen posted solid gains after the Golden Week holiday break, stocks in Hong Kong fell 9.4% by the close, marking the biggest single-day decline since 2008.
Japan’s Nikkei 225, meanwhile, ended 1% lower in Tokyo as tech stocks weakened and the yen found favor against the dollar during the broader Asia selling.
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