Tuesday witnessed a bearish day with losses as Treasury pulled back from multi-month highs. The stock market update for Wednesday shows optimistic signs with the stocks going up.
The market futures are in the green ahead of the opening bell, with Nasdaq at +107.00 points, gaining +0.72%. On Tuesday, the sessions closed at –2.8%, witnessing its most significant drop since March. The S&P 500 also fell sharply. The S&P before the market opens is at +24.25 with a gain of +0.56%, while the Dow showed at +148.00 points pre-market, gaining 0.43%.
The crude oil prices have been constant around 75 and 76. As the bond prices sag, the oil prices continue to soar. It is expected that the oil prices, soon, may cross the 80 mark.
Ahead of Washington’s deadline to check on the government shutdown and prevent the self-inflicted debt ceiling calamity, the sell-off in bonds quickened. Thus, triggering a fall in stocks and a spike in the interest rates.
The Technology stocks declined the most as the Treasury yield rose rapidly! The swift move came higher in borrowing costs pressuring valuations for growth and tech stocks.
The pre-market trends and the stock market updates point towards an optimistic day. Traders to keep a close watch!