Stock futures rise as Treasury yields take a breather
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Stock index futures were higher on Wednesday as the recent rally in Treasury yields looked to take a breather, while traders turned their focus to several key economic reports.
Wall Street’s major market averages closed slightly lower on Tuesday as oil came under pressure and Treasury yields remained in focus.
Dow futures (INDU) +0.48%, S&P 500 futures (SPX) +0.32%, and Nasdaq futures (US100:IND) +0.35%.
Investors will monitor the ADP Employment Report, GDP, Personal Income and Outlays, and Chicago PMI. The core PCE price index is expected to rise 0.3% for an annual increase of 3.2%, still above the Federal Reserve’s 2% target.
The 2-year Treasury yield (US2Y) rose 0.2 basis point to 4.89%, the benchmark 10-year Treasury yield (US10Y) fell 3.0 basis points to 5.22%, and the 30-year Treasury yield (US30Y) fell 1.8 basis points to 5.55%.
Among S&P 500 stocks, Steel Dynamics (STLD) +2.75%, Boeing (BA) +2.20%, IQVIA (IQV) +1.54%, CF Industries (CF) +1.45%, and Huntington Ingalls Industries (HII) +1.42%.
Northrop Grumman (NOC) -2.64%, Textron (TXT) -1.96%, Prologis (PLD) -1.61%, HCA Healthcare (HCA) -1.54%, and TKO Group (TKO) -1.45%.
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