U.S. stock-index futures turned south as bond yields Tuesday morning took a leg higher, weighing on interest-rate sensitive assets. The move for bond yields, with the 10-year Treasury note breaching a rate at 1.4%, came as investors appeared to digest a report from the Food and Drug Administration, which said that Johnson & Johnson's (NYS:JNJ) single-dose COVID-19 vaccine candidate has no unexpected safety concerns, in a step that moves the experimental vaccine one step closer to emergency authorization. Futures for the Dow Jones Industrial Average (CBT:YM00) declined 0.3% to 31,422, the S&P 500 index futures (CME:ES00) fell 0.3% at 3,867, while Nasdaq-100 futures declined 0.8% to 13,085, with the technology-laden index the most sensitive to yield moves. On Tuesday, the Dow (DOW:DJIA) , the S&P 500 index (S&P:SPX) and the Nasdaq Composite Index (NASDAQ:COMP) stagewd a dramatic turnaround on the heels of comments from Federal Reserve Chairman Jerome Powell, who said accommodative policy would be in place for the foreseeable future.
Feb. 24, 2021, 9:36 a.m. EST