Dow Jones futures fell 0.6% ahead of Tuesday's open as oil prices and Treasury yields jumped, pulling S&P 500 and Nasdaq-100 futures lower with them. Nvidia and Micron were among the premarket losers, while Chevron rallied 1.5%.
Futures Slip as Oil, Yields Jump
Dow Jones Industrial Average futures fell 0.6% ahead of Tuesday's open. S&P 500 futures dropped 0.7%, and Nasdaq-100 futures declined 1.3% in early morning trading.
Behind the move, West Texas Intermediate crude oil futures jumped nearly 3%, to around $88.15 a barrel. The 10-year Treasury yield rose near 4.78%. Bitcoin fell to roughly $78,000.
Among exchange traded funds, the Invesco QQQ was down 1.3%, as the State Street SPDR S&P 500 dropped 0.6% before Tuesday's opening bell.
Dow Movers: Chevron, Caterpillar, Amazon
Inside the Dow industrials, Chevron rallied 1.5% Tuesday, nearing a cup-with-handle entry at 208.98. On the downside, Caterpillar and Amazon declined 1.5% and nearly 2%, respectively, in early morning trading.
Nvidia, Micron Slide Premarket
Nvidia shares declined more than 1% premarket Tuesday, threatening to erase Monday's 1.5% gain and fall further below a 227.92 cup-with-handle entry. Micron stock dropped more than 2% as the memory-chip maker tries to regain its 50-day moving average.
Earnings, Economic Data Ahead
Credo Technology, Dell Technologies and Palo Alto Networks report earnings late Tuesday. Credo shares lost more than 2% premarket, falling further below its 50-day moving average.
On the data front, the Institute for Supply Management's manufacturing index is due at 9:45 a.m. ET and seen easing to 55.2 in August from 55.6 in July. The Labor Department's Job Openings and Labor Turnover Survey follows at 10 a.m. ET, with openings seen at a 7.358 million rate versus 7.359 million in June.
Source: Investor's Business Daily
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