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Title: Nasdaq Futures Down 220 Pts; Treasury Yields Climb Ahead of Powell Testimony

Sep 28, 2021 07:03AM ET

By: AnalysisWatch

U.S. stocks are seen opening lower Tuesday, with the tech-weighty Nasdaq Composite especially hard hit by climbing Treasury yields.

At 7:05 AM ET (1105 GMT), the Dow Futures contract was down 140 focuses, or 0.4%, S&P 500 Futures exchanged 35 focuses, or 0.8%, lower, while Nasdaq 100 Futures dropped 220 focuses, or 1.5%.

The benchmark 10-year Treasury yield has taken off above 1.54%, moving to its most elevated level since June, in the wake of last week's Federal Reserve strategy setting meeting. This ascent has pressed stock valuations, particularly for those with helpless momentary income.

Taken care of seat Jerome Powell is set to caution later Tuesday, in a discourse to the Senate Banking Committee, that the new ascent in swelling might endure longer than expected.

Swelling is raised and will probably remain so in coming a very long time prior to directing, Powell said, in his pre-delivered discourse. As the economy proceeds to return and spending bounces back, we are seeing the vertical strain on costs, especially because of supply bottlenecks in certain areas.

Likewise burdening the market is the potential for an administration closure as right on time as Friday if a financing plan isn't settled upon.

Financial information comes as CB Consumer Confidence, which is relied upon to have ascended to 114.5 in September from August's 113.8, and the S&P/Case-Shiller House Price Index, which is seen having climbed in July to 20% from 19.1% in the month earlier.

By 7:05 AM ET, U.S. unrefined prospects exchanged 0.9% higher at $76.12 a barrel, hitting its most elevated since July, in the wake of hopping 2% the earlier day. The Brent contract rose 0.7% to $79.30, arriving at its most elevated since October 2018, subsequent to climbing 1.8% on Monday.

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