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.
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