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Dow Jones Futures Dip, Tech Futures Dive As Treasury Yields Rise On $1.9 Trillion Biden Stimulus Plan

Dow Jones futures dipped while tech futures tumbled as Treasury yields rose on the $1.9 trillion Biden stimulus plan, which is nearing passage. Read More...

Bloomberg

U.S. Stock Futures Pare Losses; Dollar Climbs: Markets Wrap

(Bloomberg) — U.S. stock futures pared losses in early trading, while Treasury yields rose and the dollar strengthened. S&P 500 futures slipped 0.2% and contracts on the Nasdaq 100 were down 0.7% in early trading, clawing back about half of the previous drop. Ten-year Treasury yields reached 1.6%. U.S. equity futures recovered as CNBC reported that Appaloosa Management’s David Tepper believes it’s difficult to be bearish on stocks now and that the selloff in Treasuries is likely over.Brent crude traded near $70 a barrel after Saudi Arabia said the world’s largest crude terminal was attacked on Sunday by a drone from the sea. The missiles were intercepted and oil output appeared to be unaffected.“You will see a lot of volatility in markets,” Kim Stafford, Asia Pacific head at Pacific Investment Management Co., said on Bloomberg Television. “We believe that confidence is improving, especially with vaccines coming online, so we will see an uptick in growth globally. There are a lot of reasons to be confident in the market, but a lot of this is also priced in.”Global markets have become preoccupied by the risks associated with rising Treasury yields and fears that government aid programs could overheat economic growth. President Joe Biden’s $1.9 trillion stimulus package is widely expected to pass through the House when lawmakers take up the bill on Tuesday.There are also questions about whether equity valuations have become excessive, especially in speculative tech shares. The Nasdaq 100 Index has fallen about 8% since early February.Crash Landing on Stock Heroes of Yesteryear Is Worst in a DecadeMeanwhile, China’s main stock benchmark entered a correction on Monday on concerns about liquidity conditions and valuations in some of the recently favored stocks. The CSI 300 Index fell 3.5%, piercing through its 100-day moving average and putting losses from its recent February 10 peak to 13%.In Europe, banks and travel shares lifted regional benchmarks. Germany’s DAX Index added 1.4% after the government announced plans to speed up its vaccination campaign.General Electric Co. gained 3% in premarket trading. The company is nearing an agreement to combine its jet-leasing business with Ireland’s AerCap Holdings NV, said people familiar with the matter, in a potential deal that would join the world’s two biggest aircraft financiers.Here are some key events to watch:The annual session of China’s National People’s Congress continues in Beijing.Japan GDP is due Tuesday.EIA crude oil inventory report is due WednesdayThe U.S. February consumer price index will offer the latest look at price pressures Wednesday.The European Central Bank holds its monetary policy meeting and President Christine Lagarde is set to do a briefing Thursday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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