Futures tracking Wall Street's main indexes were muted Wednesday as investors awaited more data for clues on the state of the labor market, while a relentless rally in long-term U.S. Treasury yields kept markets on edge.
Adding to investor anxiety was the ouster of Speaker Kevin McCarthy by some Republicans in the House of Representatives just days after the government narrowly averted a shutdown.
At 7:06 a.m. ET, Dow e-minis were up 9 points, or 0.03%, S&P 500 e-minis were up 0.5 point, or 0.01%, and Nasdaq 100 e-minis were down 5 points, or 0.03%. "Markets had become overly confident in pricing a rapid easing of the Federal Reserve's monetary policy," said UBS Global Wealth Management's Chief Investment Officer Mark Haefele, who expects near-term choppy and range-bound trading in equity markets.
Traders' bets of at least another 25-basis point interest rate hike in November and December stood at 29% and 44%, respectively, according to CME's FedWatch tool.
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