Equity futures were pointing to a lower open, the day after a mixed session in which only the Nasdaq squeezed out a gain.
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Dow Jones futures were lower by 0.1 percent. The S&P 500 slipped 0.1 percent and the Nasdaq Composite was off 0.2 percent.
U.S. stocks moved in and out of positive territory Tuesday as investors focused on steadying Treasury yields as well as a reduced global economic outlook from the International Monetary Fund.
The Dow Jones Industrial Average fell 56.21 points, or 0.21 percent, to 26,430.57. The S&P 500 dropped 4.09 points to 2,880.34. The Nasdaq Composite was up 2.07 points, or 0.03 percent, at 7,738.02.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26430.57 | -56.21 | -0.21% |
| SP500 | S&P 500 | 2880.34 | -4.09 | -0.14% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7738.0157 | +2.07 | +0.03% |
The 10-year Treasury yield had climbed to 3.25 percent, a 7-year high, but by late morning the yield had slipped to 3.22 percent, lifting investor sentiment.
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Shares opened the trading session lower as the IMF cut its outlook for the growth in the global economy to 3.7 percent from 3.9 percent, partly because of worsening trade tensions between the U.S. and China.
Shares of Papa John’s International soared on a report that Trian Fund Management may buy the pizza chain. PPG Industries plunged 9 percent after the paints maker issued third-quarter earnings and sales guidance shy of analysts’ expectations.
On the economic calendar, traders will get the first of this week’s reports looking at inflation with the Producer Price Index.
In Asian markets, China’s Shanghai Composite closed out the day with a gain of 0.2 percent.
Hong Kong’s Hang Seng Index ended the day gaining 0.1 percent to snap a six-session losing streak.
Japan’s Nikkei index closed up 0.16 percent.
In Europe, London’s FTSE was lower by 0.2 percent, Germany’s DAX slipped 0.4 percent and France’s CAC was down 0.60 percent.
