WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
E-Mini Dow
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The S&P 500 reversed lower in volatile trading on Tuesday, slipping from a record high as rising bond yields kept investors on edge.
The broad equity benchmark erased a 0.4% gain to close 0.1% lower at 3,932.59.
The 10-year Treasury yield jumped 9 basis points Tuesday to top 1.30%, a level not seen since February 2020. The 30-year rate also hit its highest level in a year. Many on Wall Street believe that surging interest rates could make the high-flying equity market less attractive, while posing a threat to sectors like tech that have benefited from the low-rate environment.
The benchmark 10-year Treasury yield, used as a barometer for mortgages, student loans and credit card annual percentage rates, wallowed around 0.6% for much of 2020. Many worry that a rebound in rates could hinder the economic recovery from the pandemic-induced recession as companies and consumers may find it increasingly expensive to borrow. Others wonder if an deluge of fiscal stimulus could spark a rise in prices after a decade of dormant inflation.
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Plan A : Long if market doesn't retrace much and supported firm above 3914. Targets are 3930, 3942 and 3961.
Plan B : Short if market failed to support above 3914. Targets are 3890, 3868 and 3841.
U.S. stock index futures were modestly lower in overnight trading on Tuesday after the Dow closed at a record high.
The tech-heavy Nasdaq Composite fell 0.3% to 14,047.50. Apple had the most negative impact on the tech-heavy index, sliding 1.6%.
On the earnings front, Hilton is set to report quarterly results on Wednesday before the market opens, while Owens Corning, Wingstop, Analog Devices and Nabors are among the names on the docket after the closing bell.
Investors will also get a sense of the ongoing economic recovery when January retails sales are released at 8:30 a.m. ET Wednesday. Economists surveyed by Dow Jones are expecting sales to be up 1.2% for the month, following an unexpected decline of 0.7% in December.
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Plan A : Remain buy as long as market trades firmly above 30421. Targets are 30709 and 30805.
Plan A : Remain buy as long as oil price trades firmly above 59.4. Targets are 60.4 and 61.3.
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