U.S. Stock Futures Slip

U.S. Stock Futures Slip

12 Apr 2021 06:35 PM

U.S. stock futures slipped today, signaling a muted opening for major indexes that stand at record highs ahead of a busy week of corporate earnings and economic data.

Futures tied to the S&P 500 edged down 0.2% after the benchmark stocks gauge posted its 20th all-time closing high of 2021 on Friday. Contracts for the Dow Jones Industrial Average, which also closed out last week at a record, ticked down 0.3%. Futures for the technology-heavy Nasdaq-100 index were relatively flat.

Shares of technology giants have taken back control of the rally in U.S. stocks over the past month, helping to push major indexes to a series of all-time highs. Investors' concerns about owning shares that are sensitive to rising interest rates have been assuaged by a retreat in yields on U.S. government bonds. Some say the shift into economically-sensitive sectors went too far at a time when major economies like the European Union and India are grappling with fresh coronavirus outbreaks.

In bond markets, the yield on 10-year Treasury notes ticked down to 1.651%, from 1.664% Friday. Yields, which move in the opposite direction to bond prices, have fallen back from their closing high of 1.749% in late March, but are still up from a low of 0.915% in early January.

Brent-crude futures, the benchmark in international energy markets, fell 0.6% to $62.56 a barrel. The Organization of the Petroleum Exporting Countries is due to release a regular forecast of global supply and demand of oil Tuesday.

In overseas markets, European stocks edged down 0.3%, led by shares of basic-resource and retail companies.