Dow Futures Down Over 550 Points as Short-Term Rates Rise

The 2-year Treasury Yield rose 17 basis points

Deputy Editor
Jun 13, 2022 at 9:04 AM
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The major indexes appear ready to extend last week's hefty losses. Futures on the Dow Jones Industrial Average (DJIA) are plummeting 556 points lower, as Friday's inflation reading continues to reverberate through the market. The 2-year Treasury yield jumped 17 basis points to its highest level since 2007 -- briefly topping the 10-year rate -- as investors bet on an aggressive inflation strategy from the Fed. Nasdaq-100 Index (NDX) futures are down triple digits as well, as several tech stocks crumble, while the S&P 500 Index (SPX) eyes a continued fall back into bear market territory.  

Continue reading for more on today's market, including:

  • Checking in with Albertsons stock
  • How Signet Jewelers is celebrating Pride Month. 
  • Plus, Bitcoin prices send COIN lower, FDA releases PFE update; and TSLA falls despite upgrade. 

Futures June13

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts traded on Friday, and over 1.1 million put contracts. The single-session equity put/call ratio rose to 0.89, and the 21-day moving average stayed at 0.62.
  2. Coinbase Global Inc (NASDAQ:COIN) is down 18.3% premarket, after a rough weekend from Bitcoin (BTC), which hit its lowest level since December of 2020. Heading into today, COIN is already down 76.7% year-to-date, and will near its mid-May record lows if these losses hold. 
  3. Pfizer Inc (NYSE:PFE) is in the spotlight, after the Food and Drug Administration (FDA) released its briefing document for this week's meeting about Pfizer’s Covid-19 vaccine for young children. Before the bell, PFE is down 1.7%.
  4. RBC Capital Markets upgraded Tesla Inc (NASDAQ:TSLA) to "outperform" from "sector perform," citing near-term improvement and its long-term ability to fend off competition. The broad-market selloff is weighing, however, and TSLA is down 4.2% in electronic trading. 
  5. Today, the Federal Reserve Bank of New York will release its one- and three-year inflation expectation reports.

buzzjune13

Investors Await Data from China Amid Global Selloff

Asian markets fell on Monday, as investors looked ahead to a number of key economic indicators out of China, including retail sales data and industrial production for May, both due out on Wednesday. A retightening of Covid-19 restrictions in the region is also dampening sentiment, after Beijing city once again paused sporting events and delayed school returns. In response, China’s Shanghai Composite shed 0.9%, the Hong Kong Hang Seng dropped 3.4%, the South Korean Kospi lost 3.5%, and the Nikkei in Japan fell 3%.

Over in Europe, things are equally as dire, as last Friday’s inflation reading continues to reverberate through global markets. This is while the European Central Bank’s (ECB) plan that was revealed last week for another 25-point rate hike in July, is also dampening investor sentiment. At last glance, the French CAC 40 is 2.5% lower, the London FTSE 100 is down 1.6%, and the German DAX has lost 2.3%.

 

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