Stocks face second straight down day to open 2024.
Global markets fell further on Wednesday, a day after the Nasdaq Composite Index fell more than 1%. The technology-led decline represents a sharp contrast to the market's end-of-year rally, as investors bet that the Federal Reserve will soon begin cutting interest rates.
Futures markets show that traders still expect cuts to begin in March. Meanwhile, investors will look to new data for hints about whether that could change. Key releases on Wednesday include data on jobs and the manufacturing sector.
Stock futures fell slightly. Contracts tied to the technology-focused Nasdaq 100 index led to declines.
Benchmark Treasury yields are back around 4%. The 10-year bond yield, which settled Tuesday at 3.944%, is on track to rise for a fourth session.
Oil prices rose Amid continuing concerns about instability in the Middle East. Brent crude offered about $77 per barrel.
The Japanese yen continued to weaken In the wake of the major earthquake; The country's stock market is closed for holiday. Other overseas stock markets mostly fell.
Bitcoin fell Less than $43,000.
straight ahead: The Institute for Supply Management's manufacturing index is scheduled to be released at 10 a.m. EST, along with job openings data. Minutes from the Fed's December meeting will be published at 2 p.m
