S&P 500 futures edged lower before the Tuesday open while Dow futures fell harder and a volatility gauge jumped. Individual stocks diverged sharply, with Tower Semiconductor surging and IBM sliding.
U.S. stock futures pointed to a cautious start on Tuesday, with S&P 500 futures down 0.07% about two hours before the opening bell. Futures for the Dow Jones Industrial Average fell 0.82%, while Cboe Volatility Index futures rose 5.67%.
Single stocks pulled in opposite directions. Tower Semiconductor climbed 19.7% in pre-market trading, and Arxis rose 9.1%. Semtech, SK hynix, and Enlight Renewable Energy were all posting gains of at least 7%.
The downside moves were just as large. In early trading, IBM and Accenture fell 19.1% and 8.4%, respectively.
Away from equities, Brent crude oil futures were up 3.95%, and gold futures added 0.60%. Bitcoin was up 0.84% to $62,737, while the 10-Year Treasury yield fell to 4.617%.
The setup followed the prior session, when the S&P 500 and the Dow closed down 0.79% and 0.26%. Overnight, Asian markets pushed higher, with Japan's Nikkei 225 up 0.74% and China's Shanghai Composite rising 1.36%. In Europe, the STOXX Europe 600 dropped 0.54% and the FTSE 100 slipped 0.36%.
U.S. markets open at 9:30 a.m. ET.
Source: Barron's
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