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Happy Tuesday. Stock futures were rising and oil prices were retreating as markets sought to build on the previous session’s gains.
The major U.S. indexes finished higher on Monday, with the Nasdaq closing at a record high.
“The rally in the market was tech-led once again, with the marginal easing of interest rate uncertainty along with a slight moderation in geopolitical risk — reflected in a dip in crude prices — allowing market participants to focus on the extraordinary earnings growth being delivered by AI names,” said Kyle Rodda, senior financial market analyst with Capital.com.
Rodda said that while the narrative justifiably remains captured by the short-term swings in expectations about global monetary policy and the developments in the war between the U.S. and Iran, “a less discussed factor driving the markets is extraordinarily strong (albeit concentrated) earnings growth expectations.”
“According to FactSet, earnings growth estimates for the upcoming earnings season have been upwardly revised to nearly 30%,” he added. “This follows on from the remarkable 50% growth delivered in Q2.”
The 10-year Treasury yield once again touched levels last seen in 2002, surpassing 5.3%, according to CNBC. The 30-year yield also breached 5.7% at one point, its highest level in 24 years.
The ADP Weekly Employment Change is scheduled for release at 8:15 a.m., followed by the International Trade in Goods and Services report at 8:30 a.m.