U.S. Stock Futures Are Lower After Profit Warning From Target This Morning
U.S. stock futures are lower: Rising 10y treasury yields hindered a meaningful market rally yesterday, with the benchmark yield closing above 3%, currently trading a 3.02%. This morning profit warning from Target is pressuring futures down and all three primary index futures are trailing lower. CPI report will be released on Friday. Treasury Secretary Yellen will testify before a Senate panel on Tuesday and a House panel on Wednesday and most likely will face questions about how the Biden administration is handling the economy in the midst of inflationary pressures. International markets are lower as the Reserve Bank of Australia increased its key policy rate by 50 bps, more than expected: further fueling uncertainty into global interest rate policy and the growing probability of an international economic slowdown.