US stock futures slid into negative territory on Tuesday, following a dollar slump to 106.3 levels. The 10-year and two-year Treasury notes yielded 4.21% and 4.18%, respectively, amid expectations of a further 25 basis point rate cut in December.
The Nasdaq 100, S&P 500, Dow Jones, and Russell 2000 indices all fell, with the Nasdaq Composite reaching new highs on Monday. Tesla shares surged 3.5% after an upgrade by Roth MKM, while Super Micro Computer stock jumped 29% following a positive company announcement.
Chief investment officers at UBS Global Wealth Management and Carson Group LLC forecasted sustained economic growth in the US, supported by healthy consumption, loose fiscal policy, and lower interest rates. They expect the S&P 500 to reach 6,600 by the end of 2025, around 10% higher than today’s levels.
The week ahead is packed with economic data releases, including job openings and auto sales figures, as well as the S&P final US services PMI for November. In addition, stocks in focus include Shimmick Construction, Super Micro Computer, and Tesla, which saw significant premarket movements following contract announcements and news updates.
Source: https://www.benzinga.com/24/12/42286522/us-futures-marginally-changed-as-dollar-slips-and-treasuries-rise-after-sp-hits-54th-life-high-in-2024