SSYS - Wall Street Set To Open Weaker As Bond Yields Rise Meme Rally Cools: Analyst Says Stick With What's Working Amid Volatility | Benzinga
U.S. stocks are poised to open lower on Wednesday following the boost from the tech rally in the previous session. The spotlight will likely be on bond yields, which have climbed in recent sessions on hopes of a “higher-for-longer” monetary policy stance. Traders may also draw clues from some key retail earnings reports due ahead of the market open, Federal Reserve officials’ speeches, the central bank’s Beige Book report, and the reception to a Treasury auction. Renewed geopolitical tensions in the Middle East may dampen risk appetite.
Futures Performance (+/-)
Nasdaq 100 -0.64%
S&P 500 -0.57%
Dow -0.54%
R2K -1.20%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) declined 0,58% to $526.76, and the Invesco QQQ ETF (NASDAQ:QQQ) traded down 0.66% at $456.63, according to Benzinga Pro data.
Cues From Previous Session
The markets closed Tuesday’s session on a mixed note, as Nvidia Corp.’s (NASDAQ:NVDA) strength propped up the Nasdaq Composite Index past the 17,000 barrier for the first time. The S&P 500 Index closed barely in the green, while the Dow Jones Industrials languished below the flat line throughout the session, dragged by healthcare, consumer, and financial stocks.
A sharp rise in bond yields following the poor reception to Treasury actions served to offset the tech optimism.
Following the auctions, a sell-off ensued in the afternoon, pushing even the ...