U.S. stock futures initially rose early Monday as traders started the new quarter in a positive mood, but surging Treasury yields halted the rally in its tracks
How are stock-index futures trading On Friday, the Dow Jones Industrial Average DJIA fell 159 points, or 0.47%, to 33508, the S&P 500 SPX declined 12 points, or 0.27%, to 4288, and the Nasdaq Composite COMP gained 18 points, or 0.14%, to 13219.
It follows a tough September, when the S&P 500 endured its worst month of the year, down 4.9%, as 10-year Treasury yields surged to their highest level since 2007 amid concerns sticky inflationary pressures would cause the Federal Reserve to keep interest rates higher for longer. “Congress averted a shutdown, adopting a stopgap bill that keeps the government open through November 17th, meaning data releases will proceed as scheduled. That makes it more likely that Fed officials proceed with a 25bp hike at the November 1st meeting – which remains our base case,” said Richard Hollenhorst, economist at Citi.
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