Wall St to open flat on rising US yields, N Korea worries
New York: Wall Street was set to open little changed on Wednesday as investors assessed the impact of a surge in bond yields, while growing doubts about the U.S.-North Korea summit also weighed.
North Korea threw next month’s summit between Kim Jong Un and President Donald Trump into doubt, threatening weeks of diplomatic progress by saying it may reconsider if Washington insists it unilaterally gives up its nuclear weapons.
The country’s threat to cancel the June 12 summit in Singapore adds to the jitters in the market, which is already dealing with China-U.S. trade tensions and inflation concerns.
The Dow Jones Industrial Average .DJI and the Nasdaq .IXIC recorded their biggest one-day percentage drop in three weeks on Tuesday after strong retail sales data stoked inflation worries.
“Traders are looking for some stability coming off of the sharp decline yesterday,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.
“(They are) looking for a little more visibility coming from the trade front with China even as concern over inflation keeps rearing its head.”
At 8:47 a.m. ET, Dow e-minis 1YMc1 were down 19 points, or 0.08 percent. S&P 500 e-minis ESc1 were down 1.75 points, or 0.06 percent and Nasdaq 100 e-minis NQc1 were down 2.25 points, or 0.03 percent.
The U.S. 10-year Treasury yield US10YT=RR spiked above the key 3 percent level to its highest since July 2011 on Tuesday after the retail data. It was last at 3.0613 percent.
Federal funds futures implied that traders saw a 54 percent chance that the U.S. Federal Reserve would raise rates for a fourth time by year-end. [MMT/]
Macy’s (M.N) 6.9 percent jump after reporting a much better-than-expected rise in same-store sales in the first quarter, helped shares of other retailers. J. C. Penney (JCP.N), Kohl’s (KSS.N) and Nordstrom (JWN.N) were all up more than 2.5 percent to 3.5 percent.
Micron (MU.O) rose 2.1 percent in premarket trading after RBC Capital Markets began coverage with “outperform” rating, while AMD (AMD.O) gained 1.7 percent after a rating upgrade at Susquehanna.
Safaricom has suffered a voice and data outage affecting critical transmission equipment because of a damaged fibre link, Kenya’s biggest telecoms company said.
Rahul Gandhi today alleged there was certainly a "scam" in the controversial Rafale jet deal with France and accused Defence Minister Nirmala Sitharaman of doing a "flip-flop" on the secrecy clause.
Arvind Kejriwal announced that financial assistance for Resident Welfare Assocations (RWAs) and NGOs registered with the Delhi Parks and Gardens Society (DPGS) for maintenance of parks and gardens would be doubled from Rs 1 lakh to Rs 2 lakh.
U.S. director of intelligence Dan Coats said he in no way meant to be disrespectful toward President Donald Trump with what he called his “awkward response” to news of a second planned Trump summit with Russian President Vladimir Putin.
Volkswagen is renting parking spaces from August to stockpile vehicles which cannot be sold due to bottlenecks caused by new engine emissions tests, a spokeswoman said
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.