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02 Mar 2021 | 11:26

US pre-open: Futures point to modest losses following banner day

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday following the S&P 500's best session since June 2020. As of 1230 GMT, Dow Jones futures were down 0.63%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.54% and 0.57% lower, respectively.

The Dow Jones closed 603.14 points higher on Monday, reversing heavy losses recorded at the end of last week.

While the yield on the 10-year Treasury note has fallen from recent record highs, down to around 1.44% before the opening bell, investors will still have one eye focussed on bond yields throughout the session.

In addition to the bond market, traders will be focussed on comments from Securities and Exchange Commission chair nominee Gary Gensler, who will testify before the Senate Banking Committee at 1500 GMT.

Comments from the Federal Reserve's Lael Brainard and Mary Daly, scheduled for 1800 GMT and 1900 GMT, respectively, will also likely draw an amount of investor attention.

CMC Markets' Michael Hewson said: "US markets look set for a weaker open after yesterday's sharp rebound ahead of more jawboning from a number of Federal Reserve policymakers later today.

"The most notable will be permanent Fed board member Lael Brainard whose comments last week almost played down market concerns about the sharp moves higher in long term yields. Given recent volatility markets will be looking for a much stronger pushback lest the US central bank loses control of market expectations."

On the macro front, the Institute for Supply Management's February New York Index was set for release at 1445 GMT.

In the corporate space, Target topped earnings estimates on the back of a 21% quarterly sales jump during the holiday period.

Still to come, Abercrombie & Fitch, Urban Outfitters and Hewlett Packard were all slated to report throughout the course of the day.
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