Asia Markets
Update: US Equity Futures Fall Pre-Bell Tuesday as Global Bond Yields, Oil Prices Rise
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Tuesday as concerns about inflation and higher oil prices lifted global bond yields while technology-related stocks slipped.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 1.2% lower.The US 10-year Treasury note yield reached a 20-month high, rising 3 basis points to trade at 4.7880%, while borrowing costs in Japan and the UK attained multi-decade highs.Traders digested the latest round of earnings, with Medtronic (MDT) posting higher fiscal Q1 adjusted earnings and revenue.Palo Alto Networks (PANW) is expected to report its fiscal Q4 results after the market closes. Analysts polled by FactSet expect earnings of $0.98 per share on revenue of $3.35 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.8% at $92.65 per barrel and US West Texas Intermediate crude 2.8% higher at $88.16 per barrel.The final S&P Global manufacturing purchasing managers index for August, due at 9:45 am ET, is seen at 53.4, up from its prior value of 53.2, according to estimates compiled by Bloomberg.The August Institute for Supply Management's manufacturing index, due at 10 am ET, is projected at 55.2, down from 55.6 in the previous month. July job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected at 7.313 million, compared with 7.359 million in the prior month. The July construction spending report is also due at 10 am ET.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.9% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 was down 0.6%, and Germany's DAX index was 1% lower in Europe's early afternoon session.In equities, stocks of Nvidia (NVDA), Amazon (AMZN), and Micron Technology (MU) were all down as part of a wider downswing in the technology sector. Nvidia shares dropped 1.5%, Amazon stock was 1.6% lower, and Micron Technology shares were down 2.3%.On the winning side, Medtronic stock was up 2.5% after the company's fiscal Q1 adjusted earnings and revenue surpassed analysts' consensus. Novartis (NVS) shares rose 5.9% after the company said that phase 3 trials of remibrutinib showed significantly reduced annualized relapse rates compared with teriflunomide in adults with relapsing multiple sclerosis. Sony Group (SONY) stock was 2% higher after a Nikkei Asia report that the company's semiconductor division will build an artificial intelligence model for facility maintenance with Saudi Aramco.
Dow JonesNasdaq CompositeS&P 500$AMZN$MDT$MU$NVDA$NVS$PANW$SONY
