U.S. Stock Futures Are Lower Following Yesterday's Rally
U.S. stock futures are lower: Following yesterday’s market rally, driven by the financial sector, which has been aided by the rising rates, equity future are trending down in early morning trading. Retail earnings continue this week and FOMC minutes will be released tomorrow. Also, Chairman Powell will be speaking at an economic summit in Las Vegas this afternoon. Treasury yields have eased back somewhat and is expected to remain in a tight trading range with the 10Y staying below the key 3% rate. On Tuesday, S&P Global flash purchasing managers’ index readings for May are scheduled for release at 9:45 a.m. ET. April’s new home sales data is then due out at 10 a.m. ET. Global energy prices are holding steady as the war in Ukraine continues to fuel uncertainty about international supplies and general demand. International markets are down essentially following the U.S futures.