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Business

Bond Yields Rise, Stock Futures Waver Amid Earnings




US stock futures wobbled and Treasury yields gained as investors digested another docket of earnings and awaited data on the trade deficit.

Futures tied to the S&P 500 wavered between small gains and losses Tuesday, after the broad index closed lower following another volatile trading day. Blue-chip Dow Jones Industrial Average Futures rose 0.2% while futures for the technology-heavy Nasdaq-100 fell 0.1%.

Peloton Interactive PTON 20.93%

shares fell almost 2% in premarket trading after the stationary-bike maker said it would replace its chief executive, overhaul its board and cut costs. The company, whose value has plummeted amid a slowdown in demand, will post earnings after markets close.

Pfizer shares fell over 4% premarket after vaccine maker reported revenue that missed analysts̵[ads1]7; forecasts. Nvidia fell over 1% as the semiconductor giant said it was calling off its blockbuster deal to buy chip-design specialist Arm. Harley-Davidson rose almost 7% after the motorcycle maker swung to a fourth-quarter profit.

Investors edged out of bonds on the expectation that the Federal Reserve is poised to embark on a course of interest-rates rises. The yield on the benchmark 10-year Treasury note rose to 1.943%, putting it on course for its highest closing level since 2019, after settling at 1.915% Monday.

Markets have been roiled by volatile trading in recent sessions, prompted in part by expectations of higher rates. The Fed’s expected tightening comes against a backdrop of moderate growth and investors have been reassessing which companies are best placed to weather the more challenging outlook.

The Federal Reserve has signaled it plans to raise interest rates in 2022 in response to stubbornly high inflation. WSJ’s JJ McCorvey explains what higher rates could mean for your finances. Photo illustration: Todd Johnson

“The question is does the Fed get it right. Do they walk the line properly between raising rates and tightening policy at a pace that helps curb inflation but does not slow demand and hurt the economy, ”said Peter Langas, chief portfolio strategist at Bessemer Trust.

Lyft and Chipotle Mexican Grill are set to report results after markets close.

Tech firms, the darlings of last year’s rally, have been at the forefront of investors’ reassessments, as higher interest rates threaten to weigh on their pricey valuations, which rely on expectations for growth far in the future. Large-cap tech firms have been particularly choppy in recent days, exacerbating broader market volatility.

“Across the tech spectrum, investors will be more discerning the underlying fundamentals and long-term drivers of growth and strategy,” said Mr. Langas. “Companies that are able to contend with threats in a strong way are going to be rewarded and those that are struggling are going to be penalized.”

Traders on the floor of the New York Stock Exchange on Monday.


Photo:

Allie Joseph / Associated Press

Brent crude, the international oil benchmark, fell 1.4% to $ 91.36 a barrel, with talks over reviving a nuclear agreement with Iran set to resume Tuesday. A deal could see sanctions on Iran lifted, allowing it to export more oil.

Data on the trade deficit is due at 8:30 am ET. Economists expect the data could show the deficit hit a record in December, due to strong consumer demand and improvements in supply-chain bottlenecks that have weighed on economic growth and boosted inflation.

Overseas, the pan-continental Stoxx Europe 600 rose 0.1%. Asian stock markets were mixed. Japan’s Nikkei 225 edged up 0.1%, while in Hong Kong, the Hang Seng Index fell 1%. In mainland China, the Shanghai Composite Index added 0.7%.

Write to Will Horner at william.horner@wsj.com

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