Outlook 05/29: U.S. stock futures slid on Wednesday, as rising Treasury yields once again pressured the broader market while artificial intelligence darling Nvidia kept climbing in premarket trading, extending gains since its earnings last week. Over the three trading days after the report was released, Nvidia surged roughly 20%. This move lower in futures comes as the 10-year Treasury note yield ticked higher for a second day, last trading above 4.57%. On Tuesday, the benchmark yield popped above 4.5%, a troublesome level for stock investor. Traders have lowered their expectations for Federal Reserve rate cuts. Fed funds futures trading data suggests a nearly 54% chance that rates will hold steady in September.
/ESM24 (JUN 2024): YVAH 5331 YPOC 5325 YVAL 5316 GAP 5322.25
/ES Plan: Yesterday market closed bullish (PBT 5353), but overnight looks bearish (PBT 5263), moving below previous value/range, so these're the opening and initial balance options for today:
