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US stock futures turn mixed as oil prices stay elevated
Dow and S&P 500 futures were lower while Nasdaq 100 futures rose, following recent moves in Treasury yields and renewed rate cut expectations tied to inflation concerns.
US stock futures were mixed in European hours, with Dow Jones futures down 0.16% to about 51,750, S&P 500 futures slightly lower by 0.03% to around 7,740, and Nasdaq 100 futures up 0.12% to roughly 30,600, according to FXStreet.
FXStreet said uncertainty around US-Iran negotiations has kept oil prices elevated, which the outlet noted has raised expectations that the Federal Reserve may need to tighten further to address persistent inflation.
The outlet also pointed to last session's declines, with the Dow Jones Industrial Average falling 0.67%, the S&P 500 down 0.77%, and the Nasdaq Composite losing 0.92% during regular US trading on Monday.
FXStreet added that expectations for additional rate increases pushed Treasury yields to fresh multi-year highs, with both 10-year and 30-year yields climbing above 5%, and that the CME FedWatch Tool shows money markets pricing in about a 70% probability of another Fed rate increase in October.
Latest closeS&P 500 7,683.69 ▼0.8%|Nasdaq Comp. 26,820.38 ▼0.9%|Dow Jones 51,481.51 ▼0.7%