The Money Edit

Opening bell

Opening bell

S&P futures flat at 7,746
10Y Treasury 5.23%
Nikkei 225 65,481 0.6%
WTI crude 0.7% to $92.33
Gold to $4,150

Yields near 19-year high, futures steady

Overnight

The S&P 500 closed Monday down 0.8% at 7,683, the Dow fell 0.7% to 51,481 and the Nasdaq dropped 0.9% to 26,820, as the 10-year Treasury yield touched 5.24%, its highest since 2007. Asia was softer overnight, with Japan's Nikkei 225 down about 396 points to 65,481 and Hong Kong's Hang Seng slipping to 24,523, while mainland China finished barely positive. Europe is modestly higher this morning, with Germany's DAX up to 25,502 and the FTSE 100 up to 10,719, and US stock futures are close to flat, with the S&P 500 contract near 7,746.

What to watch

Two US readings land at 10am Eastern: the Conference Board consumer confidence index for September, expected near 89.2, and August job openings from the JOLTS report, expected near 7.225 million. Job openings count the unfilled positions employers are advertising, so a drop suggests hiring is cooling, and both figures feed into how the Federal Reserve reads the economy before its next rate decision. Several Fed officials speak during the day, and their words carry extra weight right now because traders have begun pricing in the chance of a rate increase in October rather than a cut, which is the pressure that has pushed long term borrowing costs to their highest levels in almost two decades.

Sources