Seaport Securities’ Teddy Weisberg and Prosper Trading Academy’s Scott Bauer discuss future of the Fed and markets on ‘The Claman Countdown’ Floor Show
U.S. stock futures were little changed Tuesday morning as traders returned to work following Labor Day Weekend.
Dow Jones Industrial Average futures rose 25 points, or 0.07%, while S&P 500 futures ticked up 0.09% and Nasdaq 100 futures slipped 0.08%. All three of the major averages are set to open at or near all-time highs
Bond yields continued to climb after rising in the wake of last week’s disappointing jobs report. The benchmark 10-year yield was up four basis points at 1.36% after advancing three basis points on Friday.
In stocks, financials, including JPMorgan Chase & Co, Bank of America Corp. and Citigroup Inc., were trending higher as rising bond yields swung the yield curve steeper.
Elsewhere, Boeing Co. shares were in focus after The Wall Street Journal reported 787 Dreamliner deliveries would likely be delayed until at least October as it awaits regulatory approval.
Separately, Irish low-cost carrier Ryanair Holdings plc, Boeing’s biggest customer outside of the U.S., said it will not make a new order for 737 MAX jets due to a dispute over pricing.
Meanwhile, Match Group Inc., the parent company of dating app Tinder, joined the S&P 500, replacing private-label pharmaceutical manufacturer Perrigo Company plc.
In deals, Pimco agreed to buy Columbia Property Trust Inc. for $2.2 billion.
In commodities, West Texas Intermediate crude oil slid 87 cents to $68.42 a barrel and gold lost $21.20 to $1,812.50 an ounce.
Overseas markets were mixed.
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European bourses were lower across the board, with Germany’s DAX 30 falling 0.32% and France’s CAC 40 slipping 0.12% despite euro zone growth being revised higher. Elsewhere, Britain’s FTSE 100 declined 0.35%.
In Asia, Hong Kong’s Hang Seng index jumped 0.73%, Japan’s Nikkei 225 climbed 0.86% and China’s Shanghai Composite surged 1.51%.
