The S&P 500 futures remained steady on Tuesday after experiencing a sell-off due to increased bond yields and concerns about the Federal Reserve potentially not cutting rates as significantly as anticipated by Wall Street.
Futures linked to the broad market index declined by just 0.04%. Dow Jones Industrial Average futures saw a slight dip of 79 points, or 0.2%, while Nasdaq-100 futures experienced a 0.1% increase.
Palantir Technologies witnessed an impressive surge of 18% following a strong revenue performance in the fourth quarter. NXP Semiconductors also saw a rise of over 2% due to better-than-expected results.
Yesterday, the S&P 500 retreated by 0.32% from its recent record high achieved last week. This decline was triggered by Federal Reserve Chair Jerome Powell’s remarks indicating that a rate cut during the March meeting is unlikely. Powell’s statements on “60 Minutes” Sunday evening led to a 13-point increase in the 10-year Treasury yield, reaching 4.16%. Additionally, upbeat economic data further contributed to the rise in yields.
Source (CNBC)
