Futures edge up, JOLTS data ahead, FTX fraud trial begins - what's moving markets
Investing.com -- U.S. stock futures point into the green, as traders look ahead to fresh job openings data out of the world's largest economy. Elsewhere, Sam Bankman-Fried's closely-watched fraud trial is scheduled to begin on Tuesday, with the former FTX cryptocurrency exchange boss possibly facing a hefty prison sentence, while shares in embattled property group China Evergrande Group (HK:3333) surge after trading resumes in Hong Kong following a recent suspension.
1. Futures inch higher
U.S. stock futures edged up on Tuesday after the main indices on Wall Street were mixed in the previous session to kick off both a new month and fresh quarter.
At 04:58 ET (08:58 GMT), the Dow futures contract had added 51 points or 0.2%, S&P 500 futures rose by 8 points or 0.2%, and Nasdaq 100 futures gained 26 points or 0.2%.
On Monday, the 30-stock Dow Jones Industrial Average shed 0.2%, while the tech-heavy Nasdaq Composite added 0.7% and the benchmark S&P 500 edged only marginally higher. All three ended September and the third quarter lower.
Pressuring equities was the 10-year U.S. Treasury yield, which jumped to its highest level since 2007 after data showed that American factory activity contracted by its smallest amount in about a year. Yields typically increase as prices fall.
The numbers pointed to resilience in the U.S. economy, supporting some predictions that the Federal Reserve could choose to keep interest rates higher for a longer period of time. A hawkish stance from the Fed last week has persuaded many investors to recalibrate their rate expectations, with futures markets now betting that borrowing costs will stand at 4.7% by the end of next year — implying fewer cuts than previously anticipated from the current
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