Stock futures edged downwards in the early trading hours of Tuesday, as investors are left to navigate a busy earnings week. In addition to the array of earnings releases, the consistent rise in the benchmark 10-year Treasury yield has been causing investor concerns to increase.
Futures contracts tied to the Dow Jones Industrial Average (DJIA) were down 0.09%, while the S&P 500 (SPX) futures were 0.18% lower, as of 6:34 a.m. EST, Tuesday. Meanwhile, the Nasdaq 100 (NDX) futures fell 0.24%.
The move in futures comes after the Dow and S&P 500 each inched down 0.11% and 0.02% respectively at the market close, Monday. However, the Nasdaq 100 gained 0.13%. All three averages kept fluctuating throughout the regular trading session.
Moreover, the U.S. 10-year Treasury note rose to a heady 2.861% for the first time since December 2018. So far into April, the benchmark yield has seen more than half a percentage point spike, which is quite significant for such a short time. It should be noted that Treasury yields and stock prices are inversely proportional in movement.
Apart from the bond yield worries, traders are also bracing themselves for another busy day on the floor. Tuesday is an important day for earnings trackers. Johnson & Johnson (JNJ) and insurance provider Travelers (TRV) will report their latest results before the market opens. Other key earnings report announcements scheduled for Tuesday include Hasbro (HAS), Lockheed Martin (LMT), and a few other banks.
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