U.S. stock futures moved slightly lower early Monday as investors watched U.S. Treasury yields, global oil prices and the upcoming release of the Federal Reserve’s September meeting minutes later this week.
Futures tied to the Dow Jones Industrial Average slipped by 12 points. S&P 500 futures were little changed, while Nasdaq-100 futures fell nearly 0.2%.
The benchmark 10-year Treasury yield held at 5.277%, while the 30-year yield was flat at 5.63%. Both have climbed to multiyear highs in recent weeks as traders worry inflation could force the Fed to keep rates higher for longer. The central bank raised its overnight rate by 0.25 percentage point last month, and investors are due to get more detail on that decision when the minutes are released on Wednesday.
Oil prices also fell on Monday. Brent crude futures slipped nearly 0.3% to $102.09 a barrel, while US West Texas Intermediate crude traded at $88.54, down 1%. Investors are also looking ahead to the Institute for Supply Management’s report on services activity.
The market is coming off a week in which rising bond yields weighed on equities, though a weaker-than-expected jobs report eased concerns about another Fed rate hike this month. In premarket trading, PTC jumped almost 36% after Schneider Electric agreed to buy the company for $205 per share, valuing its equity at more than $22 billion. DraftKings rose more than 5% after a Bank of America upgrade, while Brazilian stocks rallied following the presidential election result.
