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U.S. equity futures were mixed in early Monday trading, while Treasury yields and the dollar held steady at multi-month highs, as investors entered the week on a cautious note with inflation risk and political uncertainty weighing on global markets.
Stocks finish sharply lower on Friday, with the S&P 500 recording its biggest single-day decline in more than two weeks, following a firmer-than-expected reading for October retail sales that added to concerns of a resurgence in inflation pressures.
Last week’s data, which included hotter-than-expected reading for consumer and factory gate inflation, as well as hawkish comments on interest rates from Federal Reserve Chairman Jerome Powell, added to the market’s broader angst that President-elect Donald Trump’s economic, immigration and trade agenda would further stoke domestic price pressures.
Nvidia earnings, slated for after the close of trading on Wednesday, will highlight a relatively muted week of corporate and economic releases.
That’s lead investors to pare bets on a December rate cut, which is now pegged at around 62%, according to the CME Group’s FedWatch, and lifted benchmark Treasury bond yields to the highest levels since early July.
Benchmark 10-year paper was last pegged at 4.461% heading into the start of the New York trading session, with 2-year notes changing hands at 4.306%.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.02% higher at 106.702 after hitting a near two-year high late last week.
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On Wall Street, stocks are set for a mixed open heading into a relatively light week of earnings and data, highlight by Nvidia’s (NVDA) third quarter earnings after the close of trading Wednesday and a key look at the retail sector from reports from Walmart (WMT) and Target (TGT) .
The S&P 500 is priced for a modest 5 point opening bell gain in the futures market, while the Dow Jones Industrial Average is called 130 points lower thanks in part to a 1.9% decline for Nvidia tied to a report that it’s Blackwell GPUs have caused server overheating in certain clients.
The tech-focused Nasdaq, meanwhile, is priced for a 80 point opening bell gain with Tesla (TSLA) rising 8.35% following a report from Bloomberg that suggests the easing of rules for self-driving cars will be a priority for Trump’s new Department of Transportation.
Spirit Airlines (SAVE) shares were also in focus after the discount carrier filed for Chapter 11 bankruptcy protection following months of losses and mounting debts stemming from its failed merger with JetBlue Airways (JBLU) .
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In overseas markets, Europe’s Stoxx 600 was marked 0.11% lower in mid-day Frankfurt trading, with Britain’s FTSE 100 rising 0.21% in London.
Overnight in Asia, Japan’s Nikkei 225 ended 1.09% lower in Tokyo with the regional MSCI ex-Japan benchmark slipped 0.19% into the close of trading.
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