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U.S. stock futures rose on Tuesday, bouncing back after a sluggish session as concerns about rapid inflation continue to weigh on sentiment.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
+0.53%
rose 198 points, or 0.6%, to 31619 -
Futures on the S&P 500
ES00,
+0.50%
added 0.6%, rose 25 points, to 3928 -
Futures on the Nasdaq 100
NQ00,
+0.44%
increased 0.6%, or 74 points, to 12113
On Monday, the Dow Jones Industrial Average
DJIA,
fell 62 points, or 0.2%, to 31438, the S&P 500
SPX,
declined 12 points, or 0.3%, to 3900, and the Nasdaq Composite
COMP,
dropped 83 points, or 0.72%, to 11525.
The S&P 500 has slumped 18% this year.
What’s driving markets
U.S. stocks were weighed down on Monday after a rise in bond yields. Analysts had been anticipating that month and quarter end rebalancing of portfolios would be supportive of stocks this week.
“It is difficult to draw any concrete conclusions so close to quarter end, when rebalancing flows are muddying the waters,” said Marios Hadjikyriacos, senior investment analyst at XM.
The yield on the 10-year Treasury
TMUBMUSD10Y,
edged up to 3.22%.
Economics data due for release includes the advanced trade in goods report as well as two measures of house prices and the consumer confidence report.
Nike
NKE,
shares slipped after the apparel maker beat earnings estimates but was cautious on margins and on China in particular. But Chinese stocks advanced after a loosening of quarantine requirements in the world’s second-largest economy.
