In a promising turn of events, US stock futures surged on Tuesday morning as the 10-year Treasury note’s yield pulled back from the 16-year peak achieved the previous day. As of 8:20 a.m. Eastern Time, the landscape was marked by encouraging gains across the board. Dow Jones Industrial Average futures indicated a rise of 0.3%, S&P 500 futures demonstrated an uptick of just under 0.6%, and Nasdaq futures showcased an impressive increase of more than 0.7%.
During the early hours of Tuesday, the 10-year Treasury yield was notably positioned at 4.32%, marginally lower than the nearly 16-year high observed overnight. This shift in trajectory came as a relief to market participants who had witnessed the yield’s remarkable climb.
In terms of market performance on Monday, the tech-focused Nasdaq Composite once again outshined the Dow. The former displayed a robust surge of 1.6%, in contrast to the more modest gains displayed by the latter. This dynamic indicated the persistent dominance of technology stocks in the current market landscape.
Market attention remains keenly directed towards upcoming key events. Investors are on high alert for the impending earnings announcements from Nvidia, scheduled for Wednesday, which are anticipated to provide insights into the tech giant’s performance. Furthermore, all eyes are on Federal Reserve Chair Jay Powell, who is set to deliver a significant speech on Friday. His remarks are expected to shed light on the central bank’s future monetary policy stance, impacting market sentiment.
In the pre-market phase on Tuesday, Dick’s Sporting Goods witnessed a significant plunge of approximately 20% subsequent to the release of disappointing quarterly results. Conversely, Zoom experienced an upward trajectory in anticipation of its earnings results, which were forecasted to surpass expectations.
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In summary, the dawn of Tuesday brought with it a surge in US stock futures, as the 10-year Treasury yield eased its upward march following Monday’s remarkable peak. The tech-heavy Nasdaq Composite’s continued dominance over the Dow underscores the prominence of technology companies in the current market climate. As the week unfolds, market participants eagerly await Nvidia’s earnings report and Federal Reserve Chair Powell’s forthcoming speech, both of which are poised to influence market trends and investment decisions.
Source: Yahoo finance
