Wall St futures rise as yields, oil dip
SPY•U.S. stock index futures rose as Treasury yields dipped from multi-year highs and oil prices retreated. Dow futures gained 0.55%, S&P 500 futures rose 0.25% and Nasdaq 100 futures added 0.33%.
1. Futures move higher
U.S. stock index futures rose on Tuesday ahead of quarterly earnings season, as Treasury yields eased from multi-year highs and oil prices retreated. At 5:50 a.m. ET, Dow E-minis were up 0.55%, S&P 500 E-minis gained 0.25% and Nasdaq 100 E-minis rose 0.33%.
2. Yields and oil ease
The 30-year Treasury yield fell to 5.626%, after reaching 5.702% a day earlier, its highest since 2002. Oil prices fell more than 1%, with Brent crude at $98.58. Traders saw a 78% chance that the Federal Reserve would hold rates steady this month, while a December rate hike remained largely priced in.
3. Earnings season ahead
The third-quarter earnings season begins next week with reports from large U.S. banks. Analysts expect S&P 500 earnings to rise more than 30% year over year, largely driven by AI-related stocks. The Nasdaq closed at a record high on Monday, while the S&P 500 ended 0.6% below its mid-August peak.
