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US equity futures rose on Tuesday, while Treasury yields were unchanged, as investors looked to offset yesterday’s technical decline by focusing on developments in the Middle East and strong sales in China.
Updated at 7:21 AM EDT
No fizz
PepsiCo (PEP) shares fell in market trading after the beverage and snacks group cut its full-year sales following a disappointing report.
PepsiCo posted a 0.6% drop in revenue in the three months ended September 7, the group’s third fiscal quarter, and said full-year sales would rise by a “modest amount”, down from estimates for a 4% gain.
Shares of PepsiCo were down 1.2% in premarket trading to trade at an opening price of $165.23, a move that would bring the stock’s six-month decline to about 3%.
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Stocks fell sharply on Monday, with the S&P 500 down 1% and the Nasdaq down 1.18% following declines in major tech names from Wall Street analysts, including Apple. (Image of AAPL) Amazon (Price AMZN) and Alphabets for Google parents (GOOGLE) which confused investor sentiment.
A large movement in Treasury bond yields, as well as an oil rally related to the ongoing war in the Middle East, added to the tone of the session. The benchmark Vix volatility index has hit a high since early September.
The focus of Tuesday’s session should be connected to the bond market, with the sale of $58 billion of new 3-year notes expected later today, the first of three coupon sellers expected to raise $117 billion this week.
Benchmark 10-year yields were recorded at 4.014% at the start of the New York trading session, while 2-year notes settled at 3.965%.
The US dollar index, which tracks the greenback against a basket of six global peers, was recorded 0.15% lower at 102.384.
On Wall Street, stocks are set to rise slightly in early trading, with the S&P 500 trading up 22 points at the opening bell and the Dow Jones Industrial Average trading 40 points to the upside.
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The technology-focused Nasdaq, meanwhile, was bought at an opening price of 95 bells thanks to Nvidia’s advance. (NVDA) Tesla (TSLA) and Advanced Micro Devices (AMD) .
Other devices running are Honeywell (HON) which was noted to be 2.8% higher than a report from The Wall Street Journal that said it could change its top shares.
In foreign markets, European stocks remained in the red following yesterday’s weak session on Wall Street and trading in Asian stocks overnight, the Stoxx 600 recorded a 0.82% decline in early Frankfurt trading.
Other Wall Street Analysts:
China’s chief economic planner, Zheng Shanjie, told reporters in Beijing about the government’s stimulus plan. But he detailed how he would channel the billions of new funding he planned to achieve the year’s biggest growth targets.
This led to major changes in the region, and although benchmarks in Shanghai and Shenzhen made gains after the Golden Week holiday, stocks in Hong Kong fell 9.4% by the end, the biggest one-day drop since 2008.
Japan’s Nikkei 225, meanwhile, fell 1% in Tokyo as consumer electronics weakened and the yen favored the dollar in Asian trading.
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