S&P 500 futures turn lower, extending drop from three-month low

by user

U.S. stock futures rose on Monday, bouncing off a three-month low.

What’s happening

  • Dow Jones Industrial Average futures

    fell 28 points, or 0.1%, to 34204

  • S&P 500 futures

    fell 0.1%, or 5 points, to 4356

  • Nasdaq 100 futures

    fell 0.2%, or 27 points, to 14842

On Friday, the Dow Jones Industrial Average
fell 107 points, or 0.31%, to 33964, the S&P 500
declined 10 points, or 0.23%, to 4320, and the Nasdaq Composite
dropped 12 points, or 0.09%, to 13212.

Last week, the S&P 500 fell 2.9%, its worst week since the period ending March 10, and its worst level since June 9.

What’s driving markets

There wasn’t too many catalysts for markets on Monday, though the tentative end of the writer’s strike lifted media companies like Paramount Global

and Netflix

in premarket trade. President Joe Biden separately is planning to go to Michigan to support the United Auto Workers strike against the Big Three automakers.

The bigger story has been the rapid climb in long-term interest rates. Technical strategists at Bank of America said while they don’t have evidence to say the move higher in the 10-year yield is complete, it is getting stretched.

The yield on the 10-year Treasury
rose 5 basis points to 4.49%.

The housing crisis in China was back in the news, as Evergrande

shares slumped as it scrapped a $35 billion debt restructuring plan, while shares of China Aoyuan Group dived Monday in their first day of trading in more than a year. The Hang Seng
skidded 1.8% in Hong Kong trade.

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