U.S. stock futures are muted with S&P 500, Nasdaq ends lower in morning trading Tuesday. U.S. stock index futures were little changed, following muted action.
Dow Jones Industrial Average futures jumped just 30 points while S&P 500 futures and the Nasdaq 100 futures closed down.
The 10-year Treasury yield surged 1.5% on Monday, reaching its highest level since June. It was last sitting at 1.5079%.
The shares saw an uneven session amid the spike in rates.
On Monday, the Dow Jones Industrial Average advanced 71 points, and the small-cap Russell 2000 rose 1.5%. The S&P 500 dropped 0.3%. The Nasdaq Composite dipped 0.5%.
“Inflation is elevated and will likely remain so in coming months before moderating,” Federal Reserve Chair Jerome Powell said. “As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors. These effects have been larger and longer-lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal.”
The central bank officials indicated last week that they’re ready to start “tapering” bond purchases.
U.S. stock futures were muted as investors are worried about the Covid-19 delta variant, the Federal Reserve’s tapering plan, and inflation.
Thursday shows the closing of trading of September and the third quarter. The Dow is off 1.4% for the month, and the S&P 500 is down by 1.8%. The Nasdaq Composite has finished 1.9% down in September.