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Stock index futures pointed to a lower open Tuesday following the Tesla-fueled rally in the previous session.
S&P futures (SPX) -0.2%, Nasdaq 100 futures (NDX:IND) -0.2% and Dow futures (INDU) -0.1% were lower.
“Apple (AAPL) launch their new product suite today which actually is a potential macro mover,” Deutsche Bank’s Jim Reid said. “It goes alongside the annual ‘buy a new golf driver I don’t really need’ day usually in the spring.”
“As I type this on a dull old iPhone 14, markets are mostly awaiting tomorrow’s all-important US CPI print.”
The dollar (DXY) +0.2% ticked up after one of its worst sessions in the past two months. In commodities, oil (CL1:COM) +0.5% was up slightly as the IEA brought forward its projection of peak fossil fuel demand to before 2030.
“This shifting demand reflects the evolution of economics,” UBS’ Paul Donovan said. “The economic problem is allocating limited resources amongst unlimited needs. Impact economics recognizes that people’s needs now include sustainability and diversity.”
“The tightness in the (oil) market and expectations that this will continue through until the end of the year suggest that prices will remain well supported,” ING said.
Rates were slightly lower after Monday’s bond selloff. The 10-year Treasury yield (US10Y) fell 1 basis point to 4.28%. The 2-year yield (US2Y) was flat at 4.99%.
See how yields are trading across the curve.
The economic calendar its fairly empty again, so trading could be even more cautious than your usual pre-CPI day.
See the stocks making the biggest moves this morning.
