US pre-open: Futures point to losses as investors await Q3 earnings
Wall Street futures were in the red yet again on Tuesday as market participants continued to brace for the rapidly approaching Q3 earnings season.
As of 1230 BST, Dow Jones futures were down 0.77%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.86% and 0.85% weaker, respectively.
The Dow closed 93.91 points lower on Monday, while the tech-heavy Nasdaq Composite closed at a two-year low.
Market participants digested comments from JPMorgan's Jamie Dimon ahead of the bell, after the bank's chief executive warned that the US looked set to fall into a recession at some point over the next "six to nine months" and cautioned that the S&P 500 may fall as much as another 20%.
Also in focus, the yield on the 30-year US Treasury note climbed to as high as 3.941% early on Tuesday, its highest level in nine years, while the benchmark 10-year note yielded 3.963% and the two-year yield inched higher to 4.318%.
Escalating tensions in Ukraine, rising Covid cases in China, and mounting tensions between Washington and Shanghai also dampened sentiment ahead of the opening bell.
Starting off the third-quarter earnings season will be BlackRock, with the New York City-based bank set to report earnings before the opening bell.
On the macro front, the National Federation of Independent Businesses' business optimism index rose to a four-month high of 92.1 in September, up from 91.8 in August. However, the NFIB said fewer business owners expect to experience better business conditions over the next six months.
Still to come, September consumer inflation expectations data will be published at 1600 BST.
Reporting by Iain Gilbert at Sharecast.com