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Stock futures flat after selloff on Wall Street, more bank profits to come




Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, January 10, 2022.

Brendan McDermid | Reuters

U.S. stock futures were flat in overnight trading on Tuesday after a sell-off on Wall Street sparked by soaring bond yields.

Dow futures only rose 10 points. S&P 500 futures gained 0.05% and Nasdaq 100 futures were flat.

On Tuesday, the Dow Jones Industrial Average lost more than 540 points, dragged down by a 7% decline in Goldman Sachs stock. The Wall Street bank missed analysts’ earnings expectations as operating expenses jumped 23%.

The S&P 500 fell 1.8%. The Nasdaq Composite, full of interest-rate-sensitive tech stocks, was the relative underperformer, plunging 2.6%. The Nasdaq closed at its lowest level in three months as investors feared how quickly the Federal Reserve will raise interest rates.

Bond yields have continued to climb year-to-date on Tuesday, with the 10-year Treasury bill rising above 1.87%, its highest level in 2 years. The 10-year rate started the year around 1.5%. At the same time, the 2-year rate, which reflects short-term interest rate expectations, exceeded 1% for the first time in two years.

The move, which comes after a U.S. holiday on Monday, signals investors are bracing for the possibility of more aggressive tightening from the Federal Reserve.

“The 2-year yield topping 1% is the bond market saying it agrees with the Fed that more aggressive hikes are coming,” said Ryan Detrick of LPL Financial. “Add these concerns with crude flirting with $85 a barrel and stubbornly high inflation, and we have a perfect cocktail for a risk-free day.”

The S&P 500 ended the day almost above its 100-day moving average. Jim Paulsen, Leuthold Group’s chief investment strategist, said traders will be watching whether the index holds at this level or declines.

“With a light economic calendar this week, all eyes will be on key technical support levels, earnings reports and whether bond yields continue to climb towards 2% or finally take a breather,” Paulsen said.

Bank earnings continue Wednesday with reports from Bank of America and Morgan Stanley expected before the bell.

Of the 33 S&P 500 companies that reported quarterly results, nearly 70% beat Wall Street expectations.

Procter & Gamble, US Bancorp, UnitedHealth and United Airlines also announced their quarterly results on Wednesday.




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