By Oliver Gray
Investing.com - U.S. stock futures were mixed in early APAC deals Tuesday, with major benchmarks retreating from near record highs to finish mixed in regular trading as investors proved cautious amid surging coronavirus infection rates across Europe, while bond yields ticked higher after President Joe Biden nominated Powell as chair and Lael Brainard as vice chair for the Federal Reserve.
During Monday’s session, The Dow Jones Industrial Average rose 17.27 points to close at 35,619.25, the S&P 500 fell 15 points or 0.32% to 4,682.94 and the Nasdaq Composite lost 202.68 points or 1.26% to 15,854.76.
Dow Jones 30 Futures added 0.16% S&P 500 Futures 0.22% Nasdaq 100 Futures 1.06%.
Among stocks, Bank stocks benefitted after Biden’s Fed decision as Bank of America Corp (NYSE:BAC) gained 1.94%, JPMorgan Chase & Co (NYSE:JPM) rose 2.1%, Citigroup Inc (NYSE:C) added 1.06% while Morgan Stanley (NYSE:MS) rose nearly 2.5%. The move higher in rates also hit major tech names, with Microsoft Corporation (NASDAQ:MSFT) down 0.96% and Alphabet Inc Class A (NASDAQ:GOOGL) down 1.76%, while Amazon.com Inc (NASDAQ:AMZN) lost 2.83%.
Electric vehicle producers were mixed as Tesla Inc (NASDAQ:TSLA) added 1.74% after Elon Musk said the company’s Model S Plaid could be launched in China by the spring of 2022, while Rivian Automotive Inc (NASDAQ:RIVN) plunged 8.16% following last week’s reports that Ford and Rivian no longer plan to co-develop an electric vehicle.
On the bond markets, United States 10-Year rates were at 1.632%.
Ahead in the holiday-shortened week, market participants will be closely monitoring manufacturing and services PMIs, Core durable goods orders, GDP data, initial jobless claims, new home sales data and the FOMC meeting minutes.