Investing.com – U.S. futures slipped back on Tuesday after markets posted positive gains in the prior session.
The S&P 500 futures fell 18 points or 0.68% to 2,637.25 as of 6:40 AM ET (11:40 GMT) while Dow futures decreased 187 points or 0.76% to 24,396.0. Meanwhile tech heavy Nasdaq 100 futures was down 48 and a half points or 0.75% to 6,483.0.
Investors have been on edge over a week amid worry that the Federal Reserve could increase interest rates more than expected due to rising inflation. Markets closed in the positive on Friday but were still down more than 5% from the week.
Traders will be looking closely to the bond market during the trading session. The yield on the benchmark 10-year Treasury was at 2.828%, not far from yesterday’s four year high of 2.891%. As bond yields rise, prices fall.
Investors will also be looking ahead to earnings reports, with PepsiCo (NASDAQ:PEP), Under Armour Inc C (NYSE:UA), Blue Apron Holdings Inc (NYSE:APRN), Western Union Company (NYSE:WU) and MetLife (NYSE:MET) just a few of the companies expected to release their results on Tuesday.
Health and nutrient firm GNC Holdings Inc (NYSE:GNC) was among the biggest gainers in pre-market trading, surging 12.17% after Chinese pharmaceutical company Hayao agreed to invest $300 million in GNC. Cruise company Carnival PLC (NYSE:CCL) rose 0.39% while Chinese microblogging site Weibo Corp (NASDAQ:WB) increased 6.50% after it reported higher than expected earnings results.
Elsewhere MoviePass owner Helios and Matheson Analytics Inc (NASDAQ:HMNY) fell 18.27% after it announced it was selling shares of its common stock. Meanwhile Apple (NASDAQ:AAPL) lost 0.59% and Teva Pharma Industries Ltd ADR (NYSE:TEVA) slumped 3.37%.
In political news, U.S. President Donald Trump proposed his 2019 budget to Congress on Monday, including cutting $3 trillion of the deficit, funding for a wall along the Mexican-American border, and an increase in military spending. He also released a $200 billion infrastructure plan. The proposals are merely suggestions and it is up to Congress to set the budget each year.
In Europe stocks were down. Germany’s DAX fell 60 points or 0.49% while in France the CAC 40 decreased 27 points or 0.54% and in London, the FTSE 100 was down half a point or 0.01%. Meanwhile the pan-European Euro Stoxx 50 lost 31 points or 0.94% while Spain’s IBEX 35 slumped 105 points or 1.08%.
In commodities, gold futures rose 0.35 % to $1,331.10 a troy ounce while crude oil futures were down 0.27% to $59.13 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.46% to 89.60.
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