From Nasdaq: 2024-05-29 07:17:24

U.S. stock futures are down this morning as Treasury yields rise and investors await key inflation data later this week. Wall Street closed mixed yesterday, with Nvidia and U.S. Cellular among gainers, while Moderna and Zscaler fell. Economic data showed unexpected consumer confidence growth. Fed’s Kashkari said rate cuts require more positive inflation data.

Focus this week on U.S. inflation data, upcoming earnings reports including Salesforce and HP Inc., and the Fed’s Beige Book release. Rate futures project 0% chance of a June rate cut, 10.2% for July cut. On the economic front, the U.S. Richmond Manufacturing Index will be released later. The 10-year Treasury yield is currently at 4.566%.

Euro Stoxx 50 futures are down due to rising bond yields, with a survey showing German consumer sentiment improved. In Asia, Shanghai closed slightly higher on new property measures and IMF growth forecast upgrades. Japan’s Nikkei closed lower due to rising bond yields. China’s major state-owned banks were reported stabilizing the yuan in markets.

Pre-market movers include American Airlines and Digital Turbine, with American Airlines cutting Q2 guidance. First Solar and Marathon Oil Corp. also saw movement pre-market. Mitsubishi Electric lowered its return on equity target, causing a drop in its stock price. The Nikkei Volatility index closed higher at 16.80.



Read more at Nasdaq: Stock Index Futures Plunge as Bond Yields Climb on Rate Fears, U.S. Inflation Data Awaited