Futures on stocks indicated a downward trajectory on Tuesday, following a decline in the Nasdaq Composite and S&P 500 at the week’s outset, driven by a sell-off in technology shares. Meanwhile, the 10-year Treasury yield reached its peak intraday level since the beginning of the previous year. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average indicated declines of 0.7%, 0.4%, and 0.2%, respectively, in the latest trading session. Yesterday, technology shares experienced a decline at the onset of a busy earnings week, with memory stocks being some of the most significant decliners, coinciding with rising oil prices and an extension of the advance in Treasury yields. The tech-heavy Nasdaq Composite and the benchmark S&P 500 concluded Monday with declines of 0.5% and 0.1%, respectively. The blue-chip Dow concluded the trading session with a gain of 0.3%.
The 10-year Treasury yield, a key determinant of interest rates on mortgages and various consumer loans, recently registered at 4.61%, reflecting a modest increase from the previous day’s closing level of 4.59%. Earlier Tuesday, it neared 4.62%—the highest intraday level since exceeding 4.66% on February 12, 2025. Oil prices experienced a decline following President Donald Trump’s post on Truth Social Monday afternoon, indicating that Middle Eastern allies requested the U.S. to postpone a scheduled military strike on Iran planned for today, despite prices remaining at elevated levels. West Texas Intermediate futures, the U.S. crude oil benchmark, recently experienced a decline of 1.1%, settling at $107.45 per barrel. Meanwhile, front-month contracts of Brent crude, the global benchmark, fell by 1.7%, reaching $111.20.
Gold futures experienced a decrease of 0.3%, settling at $4,545 per ounce. Bitcoin was trading at approximately 76,700, experiencing a minor decline over the previous 24 hours. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, increased by 0.1% to 99.28. Shares of the Magnificent Seven companies indicated a predominantly lower trend before the market opened on Tuesday, following a mixed performance the previous day. Shares of Nvidia were down 0.7% after closing down 1.3% yesterday, as the company is set to release its highly anticipated quarterly results after markets close Wednesday.
Alphabet shares advanced 0.5% on news that Google and Blackstone intend to create an AI cloud company using Google chips, which would rival offerings from CoreWeave and Nebius Group. The shares of CoreWeave and Nebius Group fell approximately 3.5% and 2.5%, respectively. The two-day Google I/O developers event commences today, coinciding with Alphabet shares reaching an unprecedented peak and the company’s market capitalization nearing the $5 trillion mark. In the aftermath of earnings announcements, shares of sporting goods company Amer Sports experienced a 3% increase, while home-improvement retailer Home Depot saw a decline of less than 1%.