U.S. stock futures were soft on Monday as higher bond yields and a rampant dollar depressed sentiment.
How are stock futures trading On Friday, the Dow Jones Industrial Average DJIA fell 107 points, or 0.35%, to 30077, the S&P 500 SPX declined 32 points, or 0.84%, to 3758, and the Nasdaq Composite COMP dropped 153 points, or 1.37%, to 11067. The Dow Jones Industrial Average closed at a fresh 52-week low and was down 18.6% for the year to date.On Friday, the Dow Jones Industrial Average DJIA fell 107 points, or 0.35%, to 30077, the S&P 500 SPX declined 32 points, or 0.
In response, the dollar index DXY started the week by topping 114, its highest level since 2002, and the 10-year Treasury yield TMUBMUSD10Y , which began the year around 1.65%, was offering 3.77%. In Asian trading the U.K. pound GBPUSD hit a record low versus the buck of sub $1.04 after investors reacted negatively to last week’s debt-funded tax-slashing budget. It later recovered but 10-year gilt yields TMBMKGB-10Y surged 31 basis points to 4.140%. Italian 10-year government bond yields TMBMKIT-10Y hit a nine year peak above 4.4% after a far-right coalition won the country’s election.
“Despite bearish sentiment and positioning much of this year, it’s the transactional indicators that have been lacking for true capitulation. Several of those are at or near levels that suggest a bounce should be forming soon, especially as the seasonals become a tailwind in mid-October,” Krinsky said.
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