Following the mixed performance seen in the previous session, stocks are likely to move mostly lower in early trading on Tuesday. The major index futures are currently pointing to a negative open for the markets, with the S&P 500 futures down by 15.50 points.
A continued jump in U.S. treasury yields is likely to weigh on technology stocks, resulting in a continued drop by the tech-heavy Nasdaq.
The yield on the benchmark ten-year note has risen to its highest levels in over a year amid optimism about the coronavirus vaccine rollouts and the economy reopening.
Trading activity may remain somewhat subdued, however, with traders looking ahead to the Labor Department’s monthly jobs report on Friday.
The closely watched Labor Department report will be released on Friday even though the markets will be closed for Good Friday.
Shortly after the start of trading, the Conference Board is scheduled to release its report on consumer confidence in the month of March. The consumer confidence index is expected to climb to 96.0 in March from 91.3 in February.
Stocks fluctuated over the course of the trading day on Monday before eventually ending the session mixed. Despite the choppy trading, the Dow reached a new record closing high.
While the Dow rose 98.49 points or 0.3 percent to 33,171.37, the S&P 500 edged down 3.45 points or 0.1 percent to 3,971.09 and the Nasdaq fell 79.08 points or 0.6 percent to 13,059.65.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index crept up by 0.2 percent, while China’s Shanghai Composite Index climbed by 0.6 percent.
The major European markets have also moved to the upside on the day. While the U.K.’s FTSE 100 Index is up by 0.1 percent, the French CAC 40 Index is up by 0.5 percent and the German DAX Index is up by 0.7 percent.
In commodities trading, crude oil futures are sliding $0.84 to $60.72 a barrel after rising $0.59 to $61.56 a barrel on Monday. Meanwhile, after tumbling $20.10 to $1,714.60 an ounce in the previous session, gold futures are plunging $32.50 to $1,682.10 an ounce.
On the currency front, the U.S. dollar is trading at 110.33 yen compared to the 109.81 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1730 compared to yesterday’s $1.1765.
Business News
Futures Pointing To Initial Weakness On Wall Street
2021-03-30 12:48:06
