Stock futures fall after S&P 500 hits new low for the year; 10-year Treasury yield briefly tops 4%


CNBC Pro: Credit Suisse says now is the time to buy two green hydrogen stocks – and give one more than 200% up

Credit Suisse says it’s time to enter the green hydrogen sector, with a number of catalysts that will power the clean energy powerhouse.

“Green hydrogen is a growth market – we are increasing our market estimates for 2030 by [over] 4x,” the bank said, predicting that green hydrogen production will increase by about 40 times by 2030.

It calls two stocks to play the tree – with an advantage of over 200%.

CNBC Pro subscribers can read more here.

— Weizhen Tan

US 10-year Treasury yields exceed 4% for the first time since 2010

CNBC Pro: Wealth Manager Reveals What’s Next for Stocks – And Shares How He’s Trading the Market

Neil Veitch, investment director at Edinburgh-based SVM Asset Management, says he expects the macro landscape to remain “quite difficult” for the rest of the year.

Speaking with CNBC Pro Talks last week, Veitch listed the key drivers that could help the stock market become “more constructive” and shared his view on growth versus value.

CNBC subscribers can read more here.

— Zavier Ongo

Profit questions, possible recession mean more to sell

The Dow and S&P 500 have fallen for six consecutive days, with many of them seeing broad sell-offs typical of so-called “washout” days.

That can sometimes be a contrarian buy signal on Wall Street, but many investment professionals are skeptical that the sale is over. One of the reasons is that earnings expectations for next year are still showing solid growth, which is unlikely in the event of a recession.

“We know that if we start to see a reversal in 2-year yields… and if we start to see a reversal in the dollar, that gives us the opportunity to recover from these extremely oversold conditions,” said Andrew Smith, chief investment strategist at Delos Capital Advisors in Dallas. “But I’m having a hard time reconciling in my mind that the earnings story will be as good as we expect.”

In addition, the dramatic moves in the bond and currency markets mean “something broke” and it may be smart to wait for that information to come out, Smith said.

On the upside, Smith pointed to a strong job market and signs of continued travel spending as a sign that the US economy could avoid a major recession.

— Jesse Pound

Futures open higher

Stock futures rose slightly after trading began at 6pm. Dow futures rose more than 60 points at a time, though those gains have since shrunk.

Nasdaq 100 futures had the biggest early jump of three, suggesting technology may continue to outperform Wednesday.

— Jesse Pound

S&P 500 trades low in June on Tuesday

While Tuesday’s closing levels showed relatively modest daily movements, the S&P 500 fell below the previous intraday low of the year during the session. That move was seen by many as confirmation that the summer rally for equities has failed.

The S&P 500 is now 24.3% off its record high, and the Dow is also in bear market territory, down about 21.2%. The Nasdaq Composite, whose decline dates back to last November, is 33.2% below the high-water mark.

The next key metric for investors in the coming days could come from the bond market, where 10-year government bond yields have risen to just below the 4% level.

— Jesse Pound, Christopher Hayes

The Valley Voice
The Valley Voice
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.


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