U.S. stock index futures pared significant losses ahead of Tuesday's open, but still pointed to a sharply negative open as the sell-off continues to weigh on sentiment worldwide.
late hours, Dow futures were down 826 points, and S&P 500 futures
were lower by 76.5 points as of 11:25 p.m. ET, indicating that the
implied open for the Dow, based on futures, was a decline of 1,203.75.
6 a.m. ET, Dow futures were indicating a roughly 520 point drop at the
open, S&P 500 futures suggested a decline of 44 points and Nasdaq
futures indicated an 82 point drop.
On Monday, the Dow Jones
industrial average dropped 1,175.21 points to close down at 24,345.75 —
having briefly declined more than 1,500 points during the session; with
other major indexes closing sharply lower. The sell-off kicked into
action on Friday, after the latest nonfarm payrolls report saw interest
rates in the U.S. jump.
While there was no particular piece of
news that pushed major U.S. indexes deep into the red on Monday, the
recent moves in the bond market have added volatility and concern to the
Consequently, investors are paying close attention to not
only the bond market, but how the U.S. Federal Reserve will react to
this, as Jerome Powell takes on the position as chair of the U.S.
Also on Tuesday, data and earnings are set to keep investors' somewhat busy as the sell-off continues to simmer.
to data, the U.S. international trade in goods and services is due out
at 8:30 a.m. ET, followed by the Job Openings and Labor Turnover Survey
(JOLTS), set to come out at 10 a.m. ET.
Out of the slew of
corporates set to release earnings, Allergan, General Motors, Archer
Daniels Midland, Tapestry, Dunkin' Brands, Disney, Gilead Sciences,
Chipotle Mexican Grill, Match Group, and Snap are some of the major
names set to publish before or after Tuesday's bell.
the yield on the benchmark 10-year Treasury note was lower at around
2.722 percent, while the yield on the 30-year Treasury bond was lower at
3.023 percent. Bond yields move inversely to prices.
Oil prices and bitcoin futures came under pressure as the global sell-off continued to drag on sentiment.