Buyers are reasserting their dominance early Monday, after the S&P 500 shed 2.3% last week, its biggest weekly decline since March.
How are stock-index futures trading On Friday, the Dow Jones Industrial Average DJIA fell 150 points, or 0.43%, to 35066, the S&P 500 SPX declined 24 points, or 0.53%, to 4478, and the Nasdaq Composite COMP dropped 50 points, or 0.36%, to 13909.
The lurch higher in bond yields — which saw the 10-year Treasury yield BX:TMUBMUSD10Y touch 4.2% for the first time since November — left stocks looking relatively less attractive, according to some analysts. The CPI report will be published on Thursday. Economic data due Monday include the consumer credit report for June at 3 p.m. Eastern.
However, John Butters, senior earnings analyst at FactSet, notes that companies that have reported positive earnings surprises have seen an average price decrease of 0.5% two days before the earnings release through two days after the earnings release — well below the 5-year average price increase of 1.0% during this same window for companies reporting positive earnings surprises.
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