Dow Futures Drop 200 Pts, as 10-Year Treasury Yield Exceeds 5% – 23 October 2023
US Futures: Dow, S&P 500 & Nasdaq Futures
The US Future Indexes are trading lower on Monday morning after a significant decline in the previous session, as the 10-year Treasury yield after hitting a multiyear high of 5.022%, is now trading at 5.006% at 6.45 a.m. EDT Monday, it was ended at 4.928% on Friday close.
Investors are also looking ahead to the big tech earnings later this week. Technology giants including Alphabet, Microsoft, Amazon, and Meta Platforms will be releasing their quarterly earnings this week.
The Dow Jones future is trading lower by 192 points or 0.58 percent at 33067, while the S&P 500 future is down by 25 points or 0.59 percent at 4223 level. The Nasdaq 100 futures index is also trading lower by 101 points or 0.69 percent at 14563 level 4.20 p.m. IST or 6.50 a.m. EDT.
US Markets So Far
On Friday, the US stock markets extended their early losses due to elevated Treasury yields and disappointment with some weak corporate earnings. The intensified Middle East conflict and surge in crude oil prices also weighed on the market sentiments. Shares of American Express, Schlumberger NV, regional Financial Corporation, and Hewlett Packard Enterprise Co. fell sharply after the quarterly results on Friday.
Dow Jones Industrial Average (DJIA) and S&P 500 declined 0.86 percent and 1.26 percent respectively, while Nasdaq Composite Index (ixic) was down 1.53 percent on Friday.
Dow and Nasdaq futures are in the green as traders are looking for more economic data this week, including Q3 GDP numbers. The flash PMI and the Fed’s preferred inflation gauge- personal consumption expenditure (PCE) data are also expected this week.
US Markets Today
On Monday there is no economic data scheduled to be released. However, investors will be looking for Cadence Design Systems Inc. (CDNS), Brown & Brown Inc. (BRO), Alexandria Real Estate Equities (ARE), and W.R. Berkley Corp. (WRB) corporate earnings on the first trading day of the week.
You may also like to read, Nifty and Bank Nifty Prediction for Monday 23 Oct 2023
Stock Market Prediction Next Week (23- 27 Oct 2023)
Happy Investing!!
Editor’s Desk
