US stock index futures dipped Monday as technology shares eased from record highs, with chip stocks mixed and Intel leading decliners. Treasury yields held near multi-year highs, while traders priced an 80% chance the Federal Reserve holds rates steady this month.
Chip stocks drag on futures
US stock index futures dipped on Monday as technology stocks eased from record highs, with investors looking for fresh clues on the monetary policy path. Intel dropped more than 4% in premarket trade. Micron Technology dipped 0.3%. Nvidia edged up 0.5%, having touched a record high on Friday.
The tech-heavy Nasdaq had risen to fresh peaks in the prior session after weaker-than-expected jobs data dampened expectations for a Fed rate hike this month.
Traders bet on a Fed pause
Traders now see an 80% chance the Federal Reserve holds interest rates steady this month, according to the CME FedWatch tool. A December rate hike remains largely priced in. Investors will monitor speeches from Fed Governor Christopher Waller at the Istanbul Economic Forum this week for clues on policy direction.
Yields and oil stay elevated
Benchmark 10-year Treasury yields were last at 5.28%, steady near multi-year highs amid concerns over deteriorating government finances and heavy debt issuance. Brent crude futures were slightly higher but hovered near the $100-a-barrel level as concerns over Gulf oil infrastructure disruptions amid the US-Israel war persisted.
At 6:20 a.m. ET, Dow E-minis were down 101 points, or 0.2%. S&P 500 E-minis were down 14.25 points, or 0.18%. Nasdaq 100 E-minis were down 78.25 points, or 0.25%.
Movers: PTC jumps, Cerebras gains
Among other stocks, PTC jumped 37% in premarket trading after France's Schneider Electric agreed to buy the software firm in an all-cash deal valuing its equity at about $22.6 billion. Cerebras Systems rose 6.6% after OpenAI CEO Sam Altman said the companies have "deep engagement pushing on the frontiers of speed."
Source: Investing.com
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