With the rise of IT stocks, Nasdaq Futures
As the recent run in U.S. Treasuries appeared to be winding down, advances in major technology firms including Amazon, Alphabet, Tesla, and Microsoft helped drive up Nasdaq futures on Monday. Following news of a fresh round of layoffs, Meta Platforms saw a 1.4% increase.
Edge of U.S. 10-Year Treasury Yields Lower
The aforementioned IT giants rose between 0.2% and 1.1% before the market opened as rates on the 10-year Treasury note fell after reaching a six-week high earlier in the day.
Tech-Heavy Nasdaq Records Year’s First Weekly Loss
The major U.S. market indices, notably the tech-heavy Nasdaq, ended the previous week down, which led to the Nasdaq’s first weekly loss of the year. The market will reevaluate its projections on the central bank’s monetary policy in the next week as it closely monitors the inflation and retail sales data from January.
Rates to Rise to 5.2% in July?
The New York Federal Reserve President John Williams backed this level last week, and the money markets anticipate that the Federal Reserve will increase the benchmark interest rate to 5.2% in July. Early on Monday, the Nasdaq 100 e-minis gained by 50.5 points, the S&P 500 e-minis rose by 4.5 points, and the Dow e-minis declined by 18 points.