Outlook 10/22: Stock futures fall for a second day as a back-up in interest rates overshadowed a solid start to earnings reporting season. Uncertainty about the future of Federal Reserve rate cuts has weighed on markets so far this week with the 10-year Treasury yield topping 4.20% early Tuesday, the highest since late July. The 2-year yield climbed to 4.04% early Tuesday. Rates have actually increased since the Fed cut by a half point a month ago. Part of that move can be attributed to improving economic data, but some of that increase is due to pessimism the Fed won’t be as aggressive with rate cuts moving forward. Minneapolis Federal Reserve President Neel Kashkari hinted Monday the central bank may take a more modest approach from here.
ESZ24 (DEC2024): YVAH 5900 YPOC 5888 YVAL 5878 GAP 5897.75
/ES Plan: Yesterday market closed balanced, but overnight looks bearish (PBT 5836), moving below previous value/range, so these're the opening and initial balance options for today:
