S&P, Dow, Nasdaq futures rise as yield declines pick up steam

Posted on October 3, 2022Comments Off on S&P, Dow, Nasdaq futures rise as yield declines pick up steam

Dow Jones Average Falls To Low For Year

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Stock index futures are now higher Monday as the move in cash to bonds is pushing rates down further.

Stocks are coming off their third-straight losing week, with only one winning week in the last seven.

S&P futures (SPX) +0.8%, Dow futures (INDU) +0.8% and Nasdaq 100 futures (NDX:IND) +0.4% are higher.

Energy is the best-preforming S&P sector premarket, with oil prices surging on anticipation of an OPEC+ cut.

The 10-year Treasury yield (US10Y) is down 9 basis points to 3.71%. The 2-year yield (US2Y) is down 5 basis points to 4.15%.

U.K. gilt rates are falling again after the government was forced into a U-turn on the elimination of the top rate of tax.

On the economic calendar, the ISM manufacturing index is due shortly after the start of trading. Economists are looking for a drop for September to 52.2, with the prices paid component falling to 51.9.

Among active individual issues, Tesla is down after its deliveries missed forecasts.

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Comments Off on S&P, Dow, Nasdaq futures rise as yield declines pick up steam