S&P 500 futures hovered around the flatline Tuesday following a sell-off spurred by higher bond yields and worries that the Federal Reserve may not cut rates as much as Wall Street had hoped. Futures tied to the broad market index added less than 1%. Dow Jones Industrial Average futures dipped 14 points. Nasdaq-100 futures gained 0.15%. Eli Lilly popped 5% on strong earnings driven by weight loss drugs, while shares of Palantir Technologies surged 18% after the company posted a revenue beat in the fourth quarter. NXP Semiconductors rose more than 2% on better-than-expected results. On Monday, the S&P 500 lost 0.32%, pulling back from its record high reached last week. The decline in stocks came after Federal Reserve Chair Jerome Powell reaffirmed that a rate cut at the central bank’s March meeting is unlikely. His comments, which were aired on “60 Minutes” Sunday night, led to the 10-year Treasury yield rising about 13 points Monday to 4.16%. Fresh economic data also pushed yields higher. Bob Doll, CEO of Crossmark Global Investments, expressed concerns as to whether the market can sustain its recent rally. “There’s a lot of momentum, but I’m worried about [the S&P 500 at] 20 times earnings, and that the Fed’s not going to live up to [rate] cut expectations. And I don’t see how we get double-digit earnings growth,” Doll said on CNBC’s “Closing Bell: Overtime” on Monday. “I put all that together — I’m invested but I’m nervous,” Doll added. On the economic front Tuesday, Wall Street will be keeping an eye out for the New York Fed’s household debt and credit report for the fourth quarter. Several central bank speakers are slated to give comments, including Cleveland Fed President Loretta Mester and Boston Fed President Susan Collins. Tuesday marks around the halfway point of the earnings season, with reports from Amgen, Chipotle Mexican Grill and Ford after the bell. U.S. Treasury yields were little changed on Tuesday as questions lingered over the path ahead for interest rate and when cuts may begin. The 10-year Treasury was little changed at 4.162%. The 2-year Treasury yield was last about a basis point lower at 4.468%. China and Hong Kong stocks surged on Tuesday as authorities in the world’s second-largest economy took measures to arrest a recent sell-off in its equities, while most Asia-Pacific markets declined. The CSI 300 index closed 3.48% higher at 3,311.69, and Hong Kong’s Hang Seng index rose about 4% in the final hour of trading. Mainland China’s CSI 300 had hit five-year lows last week. The Reserve Bank of Australia left its official cash rate unchanged at 4.35%, as was expected. The S&P/ASX 200 extended losses from Monday, closing 0.6% lower at 7,581.60, while the Aussie dollar strengthened strengthened 0.5% against the U.S. dollar. Japan’s Nikkei 225 slipped 0.5% to 36,160.66, while the Topix saw a larger loss of 0.7% to 2,539.25. South Korea’s Kospi ended 0.58% lower at 2,576.20, while the small-cap Kosdaq dipped 0.1% to 807.03. Oil prices were little moved in early trading on Tuesday, as market participants assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region. Blinken met Saudi Arabia’s de-facto ruler on Monday. Palestinians hope the visit will clinch a truce before a threatened Israeli assault on Rafah, a border city where about half the Gaza Strip population is sheltering. The ceasefire offer, delivered to Hamas last week by Qatari and Egyptian mediators, awaits a reply from militants who say they want more guarantees it will bring an end to the four-month-old war. Brent crude futures were down 2 cents at $77.97 a barrel as of 00:01 GMT, while U.S. West Texas Intermediate crude futures edged down 3 cents to $72.75. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions. Gold prices were flat on Tuesday, languishing near a more than one-week low hit in the previous session, as the dollar held firm on growing expectations the Federal Reserve will not be more aggressive with rate cuts this year. Spot gold was steady at $2,023.92 per ounce, as of 1036 GMT, after hitting its lowest since Jan. 25 in the previous session. U.S. gold futures fell 0.1% to $2,040.00 per ounce. “Gold bulls have been slammed by stronger-than-expected US economic data, and have been forced to revisit lower levels as markets continue to lower their bets for a Fed rate cut in March,” said Han Tan, chief market analyst at Exinity Group.