S&P 500 futures remained near flat levels on Tuesday, following a recent sell-off triggered by rising bond yields and concerns that the Federal Reserve may not lower rates as much as anticipated by Wall Street.
Futures linked to the broader market index saw a slight decline of less than 0.1%, with Dow Jones Industrial Average futures slipping by 30 points, or roughly 0.1%. Meanwhile, Nasdaq-100 futures hovered close to unchanged levels.
Eli Lilly experienced a 4% increase in its stock price driven by robust earnings from weight loss drugs, while Palantir Technologies saw an 18% surge in its shares after exceeding revenue expectations in the fourth quarter. NXP Semiconductors also recorded a more than 2% rise in response to better-than-expected results.
On the prior day, the S&P 500 retreated by 0.32%, stepping back from its recent peak achieved last week. The market decline was influenced by Federal Reserve Chair Jerome Powell’s statement that a rate cut at the upcoming March meeting is improbable. Following Powell’s remarks aired on “60 Minutes” on Sunday evening, the 10-year Treasury yield climbed roughly 13 points on Monday, reaching 4.16%. Additionally, the release of fresh economic data further contributed to the upward movement of yields.
Source (CNBC)
