Stock futures were muted Tuesday as investors readied for key corporate earnings releases, including reports from notable tech names. Dow Jones Industrial Average futures slipped 198 points, or 0.5%. S&P 500 futures fell 0.2%, while Nasdaq 100 futures traded near the flatline. Ford Motor slid about 6% after the automaker provided full-year guidance that was on the low end of its previously set range. McDonald’s shed more than 2% after reporting a greater-than-expected fall in global same-store sales. Those moves come after a winning session on Wall Street for the three major indexes. Notably, the blue-chip Dow broke a five-day losing streak, while the tech-heavy Nasdaq Composite notched its eighth positive session of the last nine. Stock investors appeared to welcome a drop in oil prices, which came after weekend airstrikes from Israel toward Iran didn’t hit energy facilities as some expected. But equity gains were capped as Treasury yields continued to rise to their highest level since July. “One the one hand, macro conditions right now are very favorable: resilient growth, disinflation, stimulus and then relatively healthy earnings,” Vital Knowledge founder Adam Crisafulli said on CNBC’s “Closing Bell: Overtime.” “But you have expensive stocks, and then you have this yield dynamic that’s acting as a headwind.” Traders will keep an eye on earnings reports from major companies due on Tuesday as the busiest week of this earnings season continues. Alphabet, Snap, Reddit, Chipotle and Advanced Micro Devices are all scheduled to post their quarterly results after the market closes. Tech juggernauts Meta Platforms and Microsoft are slated to report on Wednesday, while Apple is up on Thursday. On the economic front, investors will monitor job openings and labor turnover data due in the morning, the first of several reports coming this week that will provide insight into the strength of the job market. Elsewhere, data on housing prices and consumer confidence are also expected on Tuesday. U.S. Treasury yields were higher on Tuesday, with the 10-year Treasury yield trading at its highest level since July as investors looked to upcoming economic data. At 8:37 a.m. ET, the yield on the 10-year Treasury was up over 3 basis points at 4.314%. It has been on the rise in recent days. The 2-year Treasury yield was last up more than 2 basis points at 4.164%. Asia-Pacific markets mostly climbed on Tuesday, tracking gains on Wall Street as investors looked toward a slate of megacap technology earnings to keep propelling the Nasdaq Composite to new heights this week. Japan’s Nikkei 225 added 0.77% and closed at 38,903.68, extending gains from the day before. The Topix advanced 0.91%, ending at 2,682.02. South Korea’s Kospi reversed losses to climb 0.21% to 2,617.8, while the Kosdaq advanced 0.5% to 744.18. Australia’s S&P/ASX 200 was 0.34% higher to close at 8,249.2, notching a third straight day of gains. Hong Kong’s Hang Seng Index is up 0.35% as of its final hour, while China’s CSI 300 lost 1% to end at 3,924.65. U.S. crude oil rose more than 1% on Tuesday, one day after posting the worst daily loss in two years. Energy traders were relieved Monday after Israel’s long anticipated retaliatory strikes on Iran last Friday spared the Islamic Republic’s oil and nuclear facilities. The benchmark U.S. crude oil contract sold off more than 6%. But oil prices are too cheap in the near term compared to fundamentals, Goldman Sachs analyst Daan Struyven told CNBC’s “Squawk Box” Tuesday, citing demand from refeilling the U.S. strategic petroleum reserve as well as from the airline industry, Struyven said. West Texas Intermediate December contract: $68.27 per barrel, up 89 cents, or 1.32%. Year to date, U.S. crude oil is down nearly 5%. Brent December contract: $72.34 per barrel, up 92 cents, or 1.29%. Year to date, the global benchmark has fallen more than 6%. Gold prices hovered near all-time high levels on Tuesday, aided by U.S. election uncertainty and expectations of an interest rate cut by the U.S. Federal Reserve in November, while focus was also on a series of economic data. Spot gold was up 0.3% to $2,750.87 per ounce as of 1114 GMT, just shy of a record high of $2,758.37 hit last Wednesday. U.S. gold futures gained 0.3% to $2,763.40.
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