U.S. stock-index futures edged lower Tuesday, with technology shares seen likely to come under pressure after Treasury yields saw a renewed rise.
What’s driving the market? A renewed selloff in U.S. Treasurys overnight was driving activity across markets Tuesday. The yield on the 10-year Treasury note TMUBMUSD10Y, 1.761% early Tuesday traded above 1.77% for the first time since January 2020 and remained up nearly 6 basis points near 1.769%, according to FactSet.
“The latest moves seem tied to resurgent concerns around inflation. Market-based inflation measures have shot higher as well, perhaps as investors brace for Biden’s multi-trillion infrastructure announcement tomorrow,” said Marios Hadjikyriacos, investment analyst at XM, in a note. President Joe Biden is slated to unveil details of his infrastructure plan in a speech in Pittsburgh on Wednesday.
Biden’s infrastructure plan, meanwhile, is expected to cost as much as $3 trillion to $4 trillion, offset by tax hikes of up to $3 trillion.Meanwhile, investors were on the lookout for any further selling of stocks after a large margin call on equity derivatives held by Archegos Capital Management that forced an estimated $30 billion in block sales, triggering plunges in shares of widely held media companies whose stocks were liquidated.
Blah blah blah
i bet