IND - Dow S&P and Nasdaq futures track higher while yields tick up

2023-05-15 07:40:05 ET

Stock futures tracked to the topside on Monday morning after Wall Street’s averages finished lower last week.

At the moment, Nasdaq futures ( NDX:IND ) picked up 0.2% , the S&P futures ( SPX ) gained 0.3% , and the Dow futures ( INDU ) advanced by 0.3% .

In the bond market, Treasury yields slightly rose. The longer end U.S. 10-year Treasury yield ( US10Y ) was up 2 basis points to 3.48% and the shorter end 2-year U.S Treasury yield ( US2Y ) had picked up 2 basis points to 4.0%. At the same time the dollar index ( DXY ) was also lower by 0.2% as it trades near the 102.50 level.

On the economic calander investors are looking at the latest NY Empire Tate Manufacturing Index as economists predict a -3.75 level which would be lower than the previous reading of 10.8.

Moreover, Morgan Stanley’s Mike Wilson stated: “Interactions with clients suggest our 2023 earnings forecast is now very much out of consensus. This is a change from earlier in the year, and raises the likelihood of earnings disappointment that's not priced if we're correct. Meanwhile, narrow and late cycle leadership persists.”

Among active stocks, shares of PacWest ( PACW ) fall further as talk continues on bank short-selling ban .

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