By Oliver Gray
Investing.com - U.S. stock futures held steady in early APAC deals on Tuesday, following a mixed session yesterday as risk sentiment waned amid a surge in long term bond yields, while market participants also monitored ongoing debt ceiling negotiations after Republicans in the Senate blocked a bill to increase the borrowing limit and stave off a government shutdown.
The Dow Jones Industrial Average rose 71.37 points or 0.21% to 34869.38, buoyed by financials and industrials. The S&P 500 lost 12.37 points or 0.28% to 4443.1, while the NASDAQ Composite dropped 77.73 points or 0.52% to 14969.97. So far for the month, the Dow is down 1.4%, the S&P 500 is 1.8% lower and the Nasdaq Composite has lost 1.9%.
On the data front, new orders for durable goods surged 1.8% in August, coming in well above market expectations of a 0.7% gain. Meantime, Federal Reserve Chair Jerome Powell noted that inflation could persist longer-than-expected in prepared remarks set to be delivered Tuesday, saying that “As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors. These effects have been larger and longer lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal.”
On the bond markets, United States 10-Year bond yields extended 3-month highs to 1.491%.