Stock index futures traded lower on Tuesday, a day after markets ended the first H2 session in the green, as investors await a speech by Federal Reserve Chairman Jerome Powell, due shortly after the session opens.
S&P 500 Index Futures (SPX) -0.4%Nasdaq 100 Futures (US100:IND) -0.4% and Dow futures (INDU) -0.3%.
The yield on the 10-year Treasury note (US10Y) was unchanged at 4.45%. The yield on the 2-year Treasury note (US2Y) was unchanged at 4.76%. See how other bond yields are moving across the yield curve here.
Technology stocks, which helped fuel a rally on the stock exchanges yesterday, fell slightly today.
Tesla (TSLA) was down 1.4%while Nvidia (NVDA) was down 1.2% in pre-market trading.
“Risk appetite in the US has been dampened by weak data,” said Jim Reid of Deutsche Bank.
“Inflation was a bright spot, with the price component falling to a six-month low. This backdrop meant US stocks were mixed, with technology once again saving the day,” Reid added.
Powell will speak at 9:30 a.m. ET today in Sintra, Portugal, along with other central bankers at the Forum on Central Banking. Investors will be tuning in for more hints of rate cuts.
Markets are also looking ahead to the May JOLTS jobs report, which is due during market hours. Economists are forecasting 7.9 million job openings, up from 8.1 million in April.
“We’ll take a closer look at the JOLTS exit rate, which is a good leading indicator of year-over-year growth in the wages and salaries component of the Employment Cost Index, the Fed’s preferred measure of compensation,” Pantheon Macroeconomics said.
Today, a report on total vehicle sales is due to be released, which is forecast to reach 15.8 million.
