GMBStaff
2 Jan 24
Stock index futures pointed to a mixed start on Tuesday, with S&P and Dow futures down slightly, and Nasdaq 100 futures lower by 0.2%. Meanwhile, the 10-year Treasury yield rose by 7 basis points to 3.93%, and the 2-year yield rose by 5 basis points to 4.30%. UBS' Paul Donovan highlighted the equity...
Stock index futures pointed to a mixed start on Tuesday, with S&P and Dow futures down slightly, and Nasdaq 100 futures lower by 0.2%. Meanwhile, the 10-year Treasury yield rose by 7 basis points to 3.93%, and the 2-year yield rose by 5 basis points to 4.30%. UBS' Paul Donovan highlighted the equity and bond rallies in December 2023, emphasizing that the economic outlook did not change, but the language of Federal Reserve Chair Powell did. Central banks can only claim a small part of the credit for bringing inflation down, with the main economic story for 2024 being a continued inflation slowdown and enhancements to real wage growth. Additionally, the potential market catalysts for the day include the December S&P Global manufacturing PMI, which economists expect to drop to 48.2, and the November construction spending numbers, with a consensus for a 0.5% rise.
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