Stock futures slipped early Tuesday as a recent rally on Wall Street looked poised for a pause. Futures tied to the Dow Jones Industrial Average dropped 100 points, or about 0.3%. S&P 500 futures and Nasdaq 100 futures slipped 0.3% and 0.1%, respectively. Stocks eked out a gain Monday, with the tech-heavy Nasdaq Composite earning its seventh-straight positive session for the first time since January. Both the S&P 500 and the 30-stock Dow were higher for the sixth-straight session, an occurrence not seen since June and July, respectively. Wall Street is assessing whether the rally from last week can continue after all three indices wrapped their best week in 2023. The November uptick contrasts a weak October in which the S&P 500 slipped into correction territory. Investors grew optimistic after the Federal Reserve left interest rates unchanged following their meeting last week, which also saw Treasury yields slide and stocks climb. “It’s likely the next few days will be boring but volatile as markets digest the huge [month-to-date] moves in bonds and stocks, while investors wait for the next round of major catalysts (which don’t arrive until the week of 11/13 with the US CPI, Biden-Xi summit, US gov’t funding expiration, the start of Oct-end earnings, and more),” wrote Adam Crisafulli of Vital Knowledge. In economic developments, a report on the U.S. trade deficit is expected on Tuesday morning. Elsewhere, quarterly results from Disney, Wynn Resorts and Occidental Petroleum are due out this week. U.S. Treasury yields fell on Tuesday as investors assessed the outlook for the economy and monetary policy as they awaited economic data and comments from Federal Reserve officials. The e yield on the 10-year Treasury was trading 3 basis points lower at 4.633%. The 2-year Treasury yield was little changed at 4.947%. South Korean stocks fell 2%, leading losses in the wider Asia-Pacific region as investors parse trade data coming out of China, as well as a rate hike by the Reserve Bank of Australia. South Korea’s Kospi lost 2.33% to close off at 2,443.96, easing off Monday’s gains when the index posted its best session since late March 2020 after the country re-imposed a ban on short selling. In Japan, the Nikkei 225 slipped 1.34% to close at 32,271.82 while. Australia’s S&P/ASX 200 traded 0.29% lower to close at 6,977.1 after the Australian central bank raised its key policy rate by 25 basis points to 4.35%, in line with expectations. Hong Kong’s Hang Seng index fell 1.53% in its last hour of trade. China’s CSI 300 closed 0.35% lower to end at 3,619.76. Oil prices hit fresh 2½-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.42, or 1.7%, to $83.76 a barrel, while U.S. West Texas Intermediate crude was at $79.50 a barrel, down $1.30, or 1.6%. Both hit their lowest levels since late August. Gold fell to a near two-week low on Tuesday on a firmer dollar, with traders positioning for interest rate cues from a host of Federal Reserve speakers this week. Spot gold fell 0.5% to $1,967.09 per ounce, its lowest since Oct. 25. U.S. gold futures dropped 0.8% to $1,973.50. The dollar index rose 0.4%, making bullion more expensive for overseas buyers.
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