Markets
US futures hold steady ahead of GM results and housing data
Stock futures barely moved overnight as a 10-year yield above 5.1% and Brent near $110 kept the tech rebound in check.
HedgeWeekly News Desk ·
US stock futures were little changed early Tuesday after Monday's tech-led bounce, when the Nasdaq Composite gained more than 1% and the S&P 500 added 0.4%. Dow futures were up about 56 points in early Asian trading, though Nasdaq futures later slipped as chip stocks fell across Asia.
Rates and energy remain the main headwinds. The 10-year Treasury yield stood around 5.13%, while Brent crude held near $109.80 a barrel, close to a five-month high. Gold was steady at roughly $4,145 an ounce and the dollar weakened against the other major currencies.
Earnings season picks up speed. General Motors reports before the opening bell and United Airlines after the close, part of a week in which about 70 S&P 500 companies are due to report. September housing starts are scheduled for release at 8:30 a.m. ET, with pending home sales also on the calendar.
Positioning data show investors have been leaning bearish on bonds. In the week to October 16, speculators added 91,621 contracts to their net short position in 10-year Treasury futures, taking it to 988,102, according to CFTC figures.