U.S. Stock Futures Are Lower with All Three Major Indexes Down This Morning #Energy #Biden #StockMarket
U.S. stock futures are lower: All three major indexes are down this morning. Ahead of this Friday’s employment report, the 10y & 30y treasury yields are inching higher as higher energy prices, both natural gas and global oil, may fuel faster inflation. European natural gas prices are higher again and is expected to increase with supply situation remaining tight. Private employment increased by 568,000 compared to estimates of 425,000, according to ADP and could be a precursor for the jobs report, the consensus is +500,000 in September. Yields ticked up a few basis points after the report. President Biden announced that the $3.5 trillion budget will have to be scaled back to possibly between $1.9 and $2.3 trillion and negotiations are still pending. International markets are lower.