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U.S. equity futures fell on Tuesday as investors awaited earnings reports from the biggest tech giants and manufacturing data.
S&P 500 index futures edged down 0.3% while Dow Jones Industrial Average futures weakened 0.4%. This suggests that both indices will retreat from record close levels when the market opens and potentially end a five-day streak of gains. Contracts on the highly technical Nasdaq-100 lost 0.1%.
US stocks rose broadly as investors applauded good corporate results and optimistic forecasts from some of the largest US companies. At the same time, concerns persist over the Delta variant of Covid-19, supply chain issues, soaring inflation and slowing economic growth.
“We have characterized this market as an airliner that has taken off and exits the Covid-19 air pocket, but is still trying to find an appropriate cruising altitude,” said Kara Murphy, director of investments at Kestra Holdings . “We are seeing economic data go from good levels to good levels: this is still indicative of economic growth. ”
The yield on the benchmark 10-year US Treasury bond fell to 1.256% from 1.276% on Monday. Bond yields and prices move in opposite directions.
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