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St.
Louis Federal Reserve Bank President James Bullard on Monday
repeated his case for increasing the rates to 3.5% by the end of
the year to slow a 40-year-high inflation. He also said he did
not rule out a 75 basis points rate hike.
Rate-sensitive megacap names Microsoft Corp and Apple slipped
about 0.2% in premarket trading as the 30-year U.S. Treasury
yield rose to 3% for the first time since early 2019. [US/]
After recovering in March from a selloff driven by the Ukraine
war, U.S. stocks have again come under pressure this month as
the prospect of higher U.S. rates weigh on growth and technology
stocks and quarterly results remain mixed.
Johnson & Johnson fell 2.6% after it suspended the sales
forecast for its COVID-19 vaccine due to global supply surplus
and demand uncertainty.
Only 38 companies in the S&P 500 index have reported
first-quarter earnings so far, with 78.9% of them topping profit
estimates, as per Refintiv data. Typically, 66% beat estimates.
At 06:58 a.m. ET, Dow e-minis were down 18 points, or 0.05%, S&P
500 e-minis were down 4.75 points, or 0.11%, and Nasdaq 100
e-minis were down 22.25 points, or 0.16%.
The main indexes ended lower in thin trading on Monday as
investors returned from Easter holidays to weigh bank earnings,
with Bank of America Corp posting a better-than-expected profit.
Twitter Inc slipped 0.5% despite overnight reports that more
private equity firms have expressed interest in participating in
a deal for the micro-blogging site.
Netflix Inc, set to report after the closing bell, was down
0.6%. The streaming giant is expected to report its slowest
quarterly revenue growth in nearly eight years, with analysts
warning it could lose about a million subscribers due to its
exit from Russia.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Arun
Koyyur)
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