Futures tied to the Dow Jones Industrial Average were up around 0.1%, or 46 points, while S&P 500 futures were little changed. Nasdaq-100 futures slipped more than 0.1%, pointing to a cautious start for technology stocks.
The moves come as the benchmark 10-year US Treasury yield held around 5.28%, while the 30-year yield was near 5.63%. Both yields have climbed to multi-year highs in recent weeks as investors assess the outlook for inflation and the Federal Reserve’s interest-rate path.
Oil prices, bond yields in focus
Oil prices were mixed on Monday. Brent crude futures rose 0.3% to $102.67 a barrel, while West Texas Intermediate crude futures fell about 0.6% to $88.92 a barrel.
Brent prices above $100 a barrel, alongside elevated Treasury yields, have added to concerns about the scope for a pullback in US equities. Some strategists, however, continue to see room for the stock market rally to extend.
Investors are also monitoring global markets. The euro fell to a 17-month low against the dollar on Monday as political gridlock in France raised concerns over the country’s ability to rein in its budget deficit. The developments triggered a sell-off in French government bonds and supported the US dollar.
Quiet economic calendar, earnings season ahead
Monday’s economic calendar is relatively light, with purchasing managers’ index readings from S&P Global and the Institute for Supply Management among the key releases.
Markets will also look ahead to the release of the Federal Reserve’s latest meeting minutes later this week for clues on the central bank’s policy outlook.
On the earnings front, results from Levi Strauss, Applied Digital, PepsiCo and Delta Air Lines are due this week, ahead of the third-quarter earnings season gathering pace in mid-October.
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