Key Events
Pinned Post
U.S. stock futures were mixed on Tuesday after the previous day’s selloff, which was prompted by rising bond yields. Meanwhile, China’s stock rally lost some momentum after a highly anticipated briefing by the country’s top economic planner disappointed investors.
Dow Jones Industrial Average futures were broadly flat. S&P 500 futures were rising 0.1% while Nasdaq 100 futures were also up 0.1%.
The yield on the benchmark 10-year Treasury note stood at 4.005% early Tuesday, ticking down from the previous day. However, it was holding above the 4% level, which it hit this week for the first time since August.
The rise in yields and climbing oil prices due to fears of escalation in the Middle East appear to have markets on edge. Investors will also be watching for any potential consequences from Hurricane Milton, which weakened to a Category 4 storm on Tuesday as it headed toward the west coast of Florida, where it is expected to make landfall on Wednesday.
Elsewhere, Chinese trading resumed after a holiday but an initial surge in domestic stocks weakened after a briefing from China’s National Development and Reform Commission. The Shanghai Composite Index gained 4.2% while Hong Kong’s Hang Seng Index fell 6.9%.
“Comments from the head of China’s National Development and Reform Commission (NDRC) Zheng Shanjie did not provide any more details around the shape and size of the fiscal support that has been announced. This led to a loss of momentum in China’s equity rally,” wrote Deutsche Bank analyst Jim Reid in a research note.