Stock market today: Dow, S&P 500, Nasdaq futures drift lower amid markets’ cautious optimism

US stock futures edged lower in premarket trading on Monday as investors took stock of rising bond yields and the upcoming earnings season ahead of a relatively quiet week. Futures on the Dow Jones Industrial Average (YM=F) traded roughly flat, while those on the S&P 500 (ES=F) fell 0.1%. Contracts for the Nasdaq-100 (NQ=F) also fell into the red after markets rallied on pared-back Fed rate-hike bets. Monday marks a light day as far as the earnings and economic calendars are concerned, with the latest readings from S&P Global and the Institute of Supply Management’s purchasing managers’ indexes highlighting Monday’s releases. Later this week, attention will turn to the quarterly results of Levi Strauss & Co. (LEVI), Applied Digital (APLD), PepsiCo (PEP), and Delta Air Lines (DAL) before the Q3 earnings season kicks off in earnest in mid-October. The market has remained remarkably resilient amid recent turmoil in the bond market and the ongoing war in the Middle East. The 10-year Treasury yield (^TNX) at 5.28% and Brent crude oil futures (BZ=F) above $100 per barrel have put investors on edge, with some strategists seeing plenty of reasons for a pullback — while others see more room for a rally to run. LIVE 1 update 57 mins ago ‘The market has had every reason to sell off’ — and it hasn’t Even with bond yields hovering at more than 20-year highs, the stock market has barely flinched. The S&P 500 (^GSPC) rose Friday to sit less than 1% from its record high while the Nasdaq Composite (^IXIC) was near an all-time high as a weak jobs report lowered expectations for a Federal Reserve rate hike this year. Up until now, elevated oil prices, AI-related risks, and deteriorating market breadth have suggested a pullback may be just around the corner. “The market has had every reason to sell off, and it hasn’t sold off yet, and to me it feels like it’s running out of time,” Sean McLaughlin, chief options strategist at All Star Charts, told Yahoo Finance. “The path of least resistance appears to be higher.” Read more.