US pre-open: Futures point to early gains as Treasury yields ease
By Iain Gilbert
Date: Wednesday 29 Mar 2023
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Wednesday as Treasury yields eased off.
As of 1255 BST, Dow Jones futures were up 0.75%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.87% and 0.91% firmer, respectively.
The Dow closed 37.83 points lower on Tuesday as traders digested a number of data points and recession fears returned to the forefront.
Wednesday's early focus was on Treasury yields, with the benchmark 10-year note yield slipping to 3.56% and its two-year counterpart dropping to 4.06% just 24 hours after Treasuries weighed on the broader stock market.
On the macro front, mortgage applications rose 2.9% in the week ended 24 March, according to the Mortgage Bankers Association of America, a fourth consecutive week of increases and the longest winning streak in four years. Applications to refinance a home loan rose 4.8%, while applications to purchase a home loan increased 2%.
Still to come, February pending home sales data will be published at 1400 BST and Federal Reserve vice chair of supervision Michael Barr will address the House Financial Services Committee to discuss the central bank's response to recent bank failures.
In the corporate space, Lululemon shares surged in pre-market trading after the retailer beat adjusted earnings and revenue estimates, while chipmaker Micron reported better-than-expected second-quarter figures.
Also in focus, a report from the US Senate alleged recently overtaken Swiss lender Credit Suisse had abetted in tax evasion.
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN