Stock futures point to dip on Wall St. after two days of gains
New York:U.S. stock futures pointed to another dip at the open for Wall Street on Tuesday, halting two days of gains that had somewhat cooled investor nerves about a burgeoning market correction.
By 6:53 a.m. ET (1153 GMT), Dow e-minis 1YMc1 were down 183 points, S&P 500 e-minis ESc1 were down 17.25 points and the Nasdaq 100 e-minis NQc1 were down 46.75 points.
The major indexes gained roughly 3 percent over Monday and Friday, their best two-day period since June 2016, after declining in four of the previous five trading sessions to finish last week with its worst performance in two years.
Those falls wiped out all of the year's gains for the benchmark S&P 500 .SPX and the blue-chip Dow Jones Industrial Average .DJI, which are now down 0.5 percent and 0.7 percent, respectively, so far in 2018.
The tech-heavy Nasdaq .IXIC was still clinging to a 1.4 percent gain for the year as of end of trade Monday.
Helping stocks on Monday was the announcement of President Donald Trump’s budget, which included an infrastructure spending plan that boosted sectors such as materials and industrials.
A widely-followed measure of short-term stock market volatility, the CBOE Volatility Index .VIX, opened at 26.94 points, after two days of relative calm. The index had jumped above 50 points during last week’s sell-off.
Crucial to the rest of this week will be Wednesday’s inflation numbers. The fall in stocks was sparked initially by rises in bond yields, and associated concern over price growth, as U.S. interest rates return steadily to pre-financial crisis levels.
U.S. 10-year Treasury yields US10YT=RR were hovering at 2.8312 percent, falling back from a four-year peak of 2.9020 percent hit on Monday. [US/]
Cleveland Fed President Loretta Mester, a voting member in the U.S. central bank’s rate-setting committee this year, is due to speak on the economic outlook and monetary policy later on Tuesday.
More than three-fifths of the companies on the S&P 500 have reported earnings, with nearly 78 percent of them topping profit expectations, according to Thomson Reuters data. That is above the 72 percent average beat-rate in the past four quarters.
Shares of Under Armour (UA.N) (UAA.N) rose more than 10 percent in premarket trading after the sportswear maker reported quarterly revenue that beat analysts’ estimates.
Drug distributor AmerisourceBergen (ABC.N) jumped nearly 13 percent after the Wall Street Journal reported Walgreens (WBA.O) approached the company for a takeover. Walgreens fell 1.8 percent.
Safaricom has suffered a voice and data outage affecting critical transmission equipment because of a damaged fibre link, Kenya’s biggest telecoms company said.
Rahul Gandhi today alleged there was certainly a "scam" in the controversial Rafale jet deal with France and accused Defence Minister Nirmala Sitharaman of doing a "flip-flop" on the secrecy clause.
Arvind Kejriwal announced that financial assistance for Resident Welfare Assocations (RWAs) and NGOs registered with the Delhi Parks and Gardens Society (DPGS) for maintenance of parks and gardens would be doubled from Rs 1 lakh to Rs 2 lakh.
U.S. director of intelligence Dan Coats said he in no way meant to be disrespectful toward President Donald Trump with what he called his “awkward response” to news of a second planned Trump summit with Russian President Vladimir Putin.
Volkswagen is renting parking spaces from August to stockpile vehicles which cannot be sold due to bottlenecks caused by new engine emissions tests, a spokeswoman said
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.