Stock index futures inched higher on Wednesday, a day after a rebound in technology stocks helped snap The Nasdaq and S&P 500’s three-day losing streaks.
S&P 500 futures (SPX) +0.2%, Nasdaq 100 futures (US100:IND) +0.3% and Dow futures (INDU) were flat.
The 10-year Treasury yield (US10Y) rose 3 basis points to 4.28%. The 2-year yield (US2Y) was down 1 basis point to 4.74%. See how Treasury yields have done across the curve at the Seeking Alpha bond page.
The major market averages ended mixed on Tuesday, with losses in major retailers countering a rebound in chipmaker Nvidia (NVDA).
“On the plus side, tech stocks posted a decent recovery, with Nvidia rebounding from its slump over recent days. But on the more negative side, several data releases were underwhelming, and multiple headlines leant on the hawkish side,” Deutsche Bank’s Jim Reid said.
FedEx (FDX) was up 13.7% in premarket trading after the shipping giant topped consensus estimates with its FQ4 earnings report and set revenue guidance ahead of expectations.
On the economic front, the May new home sales report is expected during market hours today. Economists forecast a rise to a rate of 636K.
“New home sales probably dipped in May, reflecting the rise in mortgage rates since the start of the year,” Pantheon Macroeconomics said.
The results of $28B, 2-year FRN auction and of $70B, 5-year note auction are also due today.